Homeowners who are facing the risk of foreclosure due to loss of employment may be eligible for a government assistance program. Similar to a loan modification, this plan is backed by HUD and is aimed at offering a helping hand to homeowners who are either unemployed or who are suffering from a severe medical condition. The program isn't for everyone, so here is some basic information on how it works and how it may help you.
Borrowers who have had a good record of making their payments on time, but due to a severe medical condition, underemployment or lack of employment have fallen behind on their mortgage and are at risk of losing their home may be eligible. Although the program is similar to a loan modification, it is actually a loan of up to $50,000 at zero percent interest with deferred payments. The payments are deferred and may be forgiven entirely as long as the borrower lives in the home and remains current for five consecutive years.
cash advance loans no credit check, personal cash loans, cash payday loan,
There are also income restrictions on the program, just like a loan modification. It is targeted for low-to-middle income families who had an unforeseen event affect their ability to pay the mortgage. Eligible homeowners yearly income must have been reduced by at least 15% in the last two years due to unemployment, under employment or a medical condition. It is funded by $1 billion dollars in federal funds through an emergency homeowners assistance program.
Homeowners will have to complete an application similar a for a loan modification, and their monthly income and expense will be analyzed for acceptability. If the homeowner can provide the proper documentation, they may be qualified for a bridge loan of $50,000 at 0% interest. This is designed to help the homeowner make their mortgage payments until they can get back on their feet financially. It is a lifeline designed and offered through HUD to help borrowers avoid foreclosure and stay in their home.
cash loans with bad credit history
Loan In 60 Minutes, Up To $ 1500. Not Check Your Credit. Do Not Worry. Get Approved Fast. Get Payday Loan Now!
Rating of cash loans with bad credit history
Get Online Application at online payday loans.
