The biggest monthly bill is typically housing. If you make only enough money to get by each month and something happens, like a medical problem or job loss, that can be disastrous. For whatever reason, people may have difficulty making their mortgage payments when financial difficulties arise. However, don’t worry as there are programs that can help veterans avoid foreclosure and keep their home.
What is Foreclosure?
The home is not actually owned by those who finance a house through a bank until they pay off the mortgage. Most people borrow money for a mortgage over a period of 30 years. They will be paying for it over a period of decades. Over the years, many things can occur that could lead to financial difficulties at different times in one’s lifetime.
Veterans can get help with foreclosure through government programs. Both federal and state programs offer them. They are designed to prevent homelessness. One of the missions for these programs is to avoid foreclosure. There are some things that you can try to do if you’re a veteran facing foreclosure. You may be able to stay in your house and catch up on your mortgage payments by contacting foreclosure assistance programs.
Foreclosure Assistance Programs
Housing and Urban Development (HUD)
HUD, a federal department that deals with housing problems in the United States and aims to decrease homelessness. They help with rent, finding housing that is affordable and preventing foreclosure. You must meet certain income criteria to qualify for HUD programs.
First, speak to a HUD advisor in your state before you can begin the foreclosure application process. A counselor in your state will evaluate your financial status and current housing needs. If you are eligible for help, they will walk you through the process.
Public Housing Authority
Public Housing Authority Offices are located all over the United States. They help people with low incomes find affordable housing. You may also qualify for assistance with foreclosure in addition to a voucher to pay rent. You must meet certain income criteria to qualify.
Contact the Public Housing Authority of your locality if you are interested. You can have them evaluate your circumstances and see if you are eligible for foreclosure help.
Federal Deposit Insurance Corporation (FDIC)
FDIC, a government agency, offers tips on how to prevent foreclosure. The FDIC recommends several counseling services that will help you decide the best option for your situation. The website also provides general information and guidance on how to avoid and spot foreclosure scams.
National Consumer Law Center
Modifying your loan could help you avoid foreclosure. The National Consumer Law Center offers information on avoiding foreclosure by loan modification. Numerous large banks offer private loan modifications, such as Bank of America CitiMortgage, JP Morgan Chase and Wells Fargo.
Local Programs
Nonprofit organizations and churches will help those in difficult financial situations. You may wish to contact local churches and nonprofits to find out if there are any programs to help you avoid foreclosure if you’re facing it. If you qualify, you may be eligible for a one-time grant to help with your payments. This will prevent foreclosure.
