Felons trying to meet their housing needs may find that it’s difficult at times. Housing is typically the biggest bill that someone will pay, making it challenging to pay for if finances are tight. Felons who are facing foreclosure can get assistance to try and keep their home and avoid foreclosure. The foreclosure assistance programs for felons will help get them caught up on what is owed, so that they do not lose their home.
There are several options that felons facing foreclosure can turn to in an effort to get help. The programs have been designed to provide foreclosure assistance for everyone. Foreclosure assistance programs for felons are largely funded through the federal government and are administered through a program called Housing and Urban Development (HUD).
Foreclosure Assistance Programs for Felons
Making Home Affordable Program
There are several options that felons can explore if they are at risk for losing their home to foreclosure and want to save it. It’s a good idea to explore the various assistance programs to determine which one is a good fit for your situation. Some of the foreclosure assistance options include the Making Home Affordable Program.
The Making Home Affordable Program is a foreclosure assistance program for felons is designed to help make your home more affordable. The way that this is done is by re-financing your mortgage. When the mortgage is refinanced your monthly payment will be reduced, making it easier to make the payments. This is a good idea for felons who owe more on their house than what it is worth or who have experienced a reduction in their salary, making it difficult to now make the payments.
Options with the Marking Home Affordable Program include reducing your monthly mortgage amount, having a principle reduction, and taking out a second lien on the mortgage. There is also assistance available for felons who have not been successful at trying to refinance their mortgage on their own. These programs are available through HUD. To learn more about them and what the application process involves, click here.
Assistance for Underwater Mortgages
Felons who have a house that is not worth what they own on the mortgage are considered to be “underwater” with their mortgage. This means that they would not be able to sell their home to get out from under a foreclosure risk, because they would likely have to add a large sum of money to it in order to pay the mortgage off in full. There is still assistance available for felons who have underwater mortgages.
Felons who are underwater on their mortgage can still seek help through HUD. They may qualify for refinancing their mortgage, which will lower the monthly payment. They may also qualify for a principle reduction and a treasury second lien. To learn more about these programs, click here.
Contact Your Mortgage Lender
Many mortgage companies will try to work with felons who are at risk for foreclosure. If you are having difficulty paying for your mortgage it is a good idea to give your mortgage lender a call. Let them know you are having financial problems and do not want to lose your house.
By calling your mortgage lender you can inquire about what type of foreclosure assistance programs they offer. Most mortgage lenders do not want to have to foreclose, because it can be costly for them to do so. Therefore, they will often work with felons to help them through difficult financial times, or help them find foreclosure programs that will assist them in keeping their home.
If you are at risk for foreclosure it is not a good idea to ignore your mortgage lender. If you do, they will assume you do not want to keep your home. If you want to avoid foreclosure then you need to reach out to your mortgage lender and explain your current financial situation to them. They will likely have programs and suggestions to help you through this period and still be able to keep your home. To learn more about contacting your mortgage lender, click here.
Local Foreclosure Assistance Programs for Felons
In addition to the programs above, it’s a good idea to see what you have locally that can help you avoid foreclosure. By reaching out to non-profit organizations and churches, you may be able to get the assistance you need to save your home. Even those churches and organizations that don’t have programs specific to helping with foreclosure may be able to provide you other financial assistance in other areas. When they do that, it frees up money that can go toward getting the mortgage caught up. It’s also a good idea to check with your local public housing authority to see what type of foreclosure assistance they can offer for felons.
