7 RESOURCES FOR HOMEOWNERS WHEN FACING FINANCIAL HARDSHIPIf you are delinquent on your mortgage payments, there are resources available to help you. Here are some options to consider:Contact
7 RESOURCES FOR HOMEOWNERS WHEN FACING FINANCIAL HARDSHIP
Dated: November 20 2023
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7 RESOURCES FOR HOMEOWNERS WHEN FACING FINANCIAL HARDSHIP
If you are delinquent on your mortgage payments, there are resources available to help you. Here are some options to consider:
Contact your lender: The first step you should take is to contact your lender as soon as possible. Explain your situation and see if they offer any solutions or programs to help you get back on track.
Housing counseling agencies: The U.S. Department of Housing and Urban Development (HUD) offers housing counseling services for free or at a low cost. These agencies can help you understand your options and provide guidance on how to work with your lender.
State assistance programs: Arizona may offer assistance programs for homeowners who are struggling to make their mortgage payments. Check with Arizona Department of Housing to see if there are any programs available that may help you with your situation.
Mortgage assistance programs: There are also national programs that offer mortgage assistance to homeowners who are delinquent on their payments. These programs include the Hardest Hit Fund, which provides funding to states with high unemployment rates, and the Home Affordable Modification Program (HAMP), which offers loan modifications to eligible homeowners.
Legal assistance: If you're facing foreclosure, you may want to consider seeking legal assistance. Legal aid organizations can provide guidance on your rights as a homeowner and help you navigate the foreclosure process. Or potentially reviewing the options of filing bankruptcy.
Selling your home: Your home may hold equity that by selling it can put money in your pocket so you can walk away with dignity and relieve the mental and financial burden of a looming foreclosure.
Short Sale: If your home is worth less than you owe a short sale may be a better option for you. This allows you to sell your home with dignity and avoid the ramifications of foreclosure and be able to relieve the financial burden.
There are resources available to help you if you're delinquent on your mortgage payments. Don't wait until it's too late to seek assistance. Contact your lender or one of the resources above to explore your options and find a solution that works for you.
Cynthia Jennings
Scottsdale real estate agent Cynthia Jennings grew up in Okinawa Japan and Oxnard California. Cynthia honorably served for 9 years in the United States Navy. After completing her military service,....
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