Mortgage Assistance Programs for African Americans

Anyone who is in the process of buying a home and can’t pay for it all at once likely has a mortgage. The mortgage, which is a loan from the bank, is paid back over time. Once it is paid off then the person officially owns the home. The problem that can arise is that most people take out mortgages for a period of 30 years or more, making payments each month. There is a lot that can happen over the course of decades, making it necessary for people to need mortgage assistance programs for African Americans and others.

Mortgage assistance programs are in place for the purpose of helping people who are struggling with making their monthly payment. There are many issues that can arise that will lead to people struggling to pay their mortgage. This can include a job loss, pay cut, death in the family, illness or injuries that keep people from working, and more. In recent years, many people are finding paying their mortgage challenging due to the inflation and prices of everything rising.

How Foreclosure Works

African Americans and others who are struggling to pay their mortgage have options and programs they can turn to for help. Some of these programs will help pay for the person’s mortgage to keep them from losing their home to foreclosure. In order to get mortgage assistance you will have to meet the qualifications set forth by the program.

When someone starts struggling to pay their mortgage they may wonder what they should do. It is important to know that a foreclosure can begin once you are behind 120 days or more in paying your mortgage. Once it gets to that point, the bank can begin the official legal proceedings to foreclose on the home, which means they will take it back and you will be removed from the home.

Once the foreclosure process begins it can take a year or more for the legal process to be worked through and you be removed from the home. Long before it gets to that point you can do things to help save your home and get your mortgage payments caught up. The more programs and options you know about the better off you will be in saving your home from foreclosure.

How to Get Mortgage Assistance

When you start to first fall behind on making your mortgage payment that is the best time to reach out to get help. If you have missed that point and it is well beyond that don’t worry. There are still programs to get help. The sooner you contact places to get mortgage assistance the better your chances of being able to get help and address the issue before it leads to your home being lost to foreclosure.

The first thing to do is contact your bank that you have your mortgage through. Speak with the bank to let them know you are financially challenged, for whatever reason, and you are struggling to make your mortgage payment. See what options they have for you that may help ease the burden, even if only for a few months until you can get caught up. Often times, people have short term financial challenges, and the bank or lending institution will work with the homeowner to help them get through that period. Having a few months of financial troubles over the course of a 30 year mortgage is not a big issue if it is addressed. Left unaddressed there is a good chance it will lead to foreclosure and you could lose the home.

Resources for Mortgage Assistance

After first contacting your lender to inform them of your financial struggles with paying the mortgage, then you will need to move on to applying for mortgage assistance programs. There are several options you can turn to in order to get information and help about programs that can help pay your mortgage on a monthly ongoing basis or to help one time in bringing the balance current.

Here are several places you can contact to get mortgage assistance:

Housing and Urban Development (HUD) – This is the largest source of housing assistance in the country. HUD is part of the federal government and they have offices in every state. They are more known for their rental assistance programs, but they do also offer mortgage assistance programs. They provide help with avoiding foreclosure. If you have fallen behind and are being threatened with foreclosure they may be able to help you avoid losing your home. To get more information and apply for their helpful programs, you need to reach out to the HUD office in your state. To find your state’s HUD office, click here.

State Housing Authority – Every state has a housing authority office. They are tasked with helping people with housing assistance in that state and they are part of the state government. They also get some assistance from the federal government. You can contact your state’s housing authority office to inquire about mortgage assistance programs for African Americans in your state. They should be able to provide you with programs offered through them or give you other resources to contact in your state. To find your state’s housing authority office, click here.

Local Housing Authority – Many cities offer a local housing authority office. They have information they can provide about local programs that will help with providing mortgage assistance. Find your cities closest housing authority office by doing a Google search or by calling your local government offices to inquire about it.

In addition to these programs, you can also contact local churches and helpful organizations. Many of them are willing to help people with their mortgage if it is a one-time situation that will help keep you from losing your home to foreclosure. They may not be willing to help ongoing, helping to pay the mortgage on a monthly basis, but some have programs to help you for one month or to bring your balance current. They can also provide you with other local leads to help with avoiding foreclosure.

Have a question? Email us here anything that troubles you.