Foreclosure Assistance Programs for African Americans

Foreclosures around the country are on the rise in recent years, and this is wreaking havoc on many African Americans. As people increasingly find it difficult to keep up with their mortgages they are looking for ways to stay in their home, which means that it is crucial to be able to find foreclosure assistance programs. The good news is that there are some that people can turn to regardless of the state that you live in.

Why Foreclosures on the Rise

Every state has foreclosures, but California leads with the highest number of new ones filed each year.  There are several reasons that foreclosures in most states are on the rise. Some of the reasons that are leading to more foreclosures include the rising costs of just about everything. People typically have a set salary and they use that to pay their mortgage, as well as all of their other bills each month. Even if the mortgage remains the same rate, if everything else goes up due to high inflation, then the homeowner doesn’t’ have as much money and may begin struggling.

Additional factors that are putting the pinch on African American homeowners, as well as others, is homeowner’s insurance rates. They have drastically increased, especially in states that have been hit in recent years by hurricanes, and many find they cannot afford the rates any longer. Some people are seeing their homeowner’s insurance rates double and triple, which is not sustainable, especially if all of their other bills are rising, and their income is not keeping pace.

Homeowners are experiencing an increase in electric bills, homeowner’s insurance rates, cable bills, and just about everything else. With salaries not rising to help cover those costs it is not surprising that so many people are struggling to pay their mortgages. The good news is that there is help for homeowners who are struggling and want to keep their homes.

Foreclosure Assistance Programs

No matter what state you live in there are assistance programs you can turn to in order to help avoid foreclosure. In order for a bank to begin the foreclosure process you have to be at least 120 days behind in your mortgage payments. Once you fall into that default period they can begin the process of foreclosure on the home. Depending on the state where you live, the foreclosure process can take anywhere from eight months to well over a year.

The length of time that a foreclosure takes from the moment you start struggling to pay each month until the time you are removed from the home provides a lot of opportunity to get help. The federal government offers assistance programs to help homeowners stay in their home if they are facing foreclosure. You simply need to apply for them to see if you are approved and they provide the financial help.

To get help to avoid a foreclosure, you have several options of places to contact. You can start by contacting your local housing authority office to see if they have information about local programs. Most cities have a housing authority office that is tasked with helping homeowners and renters with housing issues. They should be able to provide you with information about programs in your area or that are national. To find your local housing authority office you can do an online search or call your local government offices.

Each state also has a housing authority office, which should be able to provide you with foreclosure assistance programs within your state. They will have information and access to programs that are being provided by your state government offices, which may be in addition to or different than federal programs that are available. To get more information or find your state’s housing authority office, click here.

The federal government also offers foreclosure assistance programs, which are provided through the Housing and Urban Development (HUD) office. Each state has a HUD office that is tasked with helping renters and homeowners in that particular state with their housing needs. They provide a range of programs to help people who may be struggling financially. To find your state’s HUD office, click here.

Additional Information and Programs

There may be additional programs that are local in your area, which are provided by your city government, nonprofit organizations, or other entities. While it is a good idea to explore those options, it is important to avoid scams. According to the United States government, there are foreclosure assistance scams that take advantage of people who need help.

Knowing about the scam programs from the start can help ensure you don’t fall victim to them. If the programs are not provided by the local, state, or federal government, then you want to investigate to ensure they are legitimate. If they seem too good to be true or that they are promising to rescue you from foreclosure it is a good idea to investigate to ensure it is not a scam. To get more information about how to avoid foreclosure assistance scams and read about what the government says are some common ones, click here.

African Americans and others who are struggling to pay for their mortgage and who need housing assistance may also want to consider counseling. The U.S. Department of Treasury offers a mortgage counseling programs, which may be able to help you find the programs and solutions that you need to save your home. To get more information about their programs, click here.

The federal government also offers the Making Homes Affordable Program, which is administered through HUD. This program will also help people who want out of their home and mortgage, but don’t want to lose it foreclosure, which will damage their credit. The program can help find solutions to the route you wish to take with needing housing assistance to pay for the mortgage. To get more information about the program, and see if you are a good candidate for signing up for it, click here.

Finally, be sure to contact your lender if you are struggling to pay your mortgage. They may be able to help provide solutions and programs.

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