Housing often represents the largest monthly expense for many people, making it particularly challenging to manage. For those whose income barely covers their basic needs, any disruption whether from job loss, illness, or other unforeseen events can quickly lead to financial strain. In times of economic difficulty, this may result in trouble paying the mortgage. Fortunately, there are foreclosure assistance programs available for veterans that can provide crucial support and help you stay in your home.
Foreclosure Explained
Those who purchase a home with financing through the bank don’t actually owe the home until the loan, or mortgage as it is called, is paid in full. Many people take their mortgage loan out for 30 years or more. This means they will make payments on it for decades. A lot can happen over the course of decades, leading to financial problems at various times throughout one’s life.
There are foreclosure assistance programs for veterans. They are provided by both federal and state government programs. The programs aim to help people avoid homelessness, so one of their missions is to help people avoid foreclosure. If you are a veteran who is facing foreclosure, there are things you can do to try and keep your home. Reaching out to foreclosure assistant programs may help you be successful in staying in your home, and getting your mortgage payments caught up.
Types of Foreclosure Assistance Programs for Veterans
Housing and Urban Development (HUD) – HUD is a department of the federal government that focuses on housing issues in the country, and they aim to reduce homelessness. In addition to helping people with paying rent and finding affordable housing, they also help people avoid foreclosure. To qualify for the programs through HUD, you have to meet the low income requirements. To start the application process for foreclosure assistance, you first need to speak with a HUD counselor in your state. The counselor will assess your current financial situation and housing needs, and then if you qualify for assistance they will guide you through the application process. To apply, click here.
Public Housing Authority – Across the country, there are Public Housing Authority offices. Their mission is to help those who have a low income to have affordable housing. In addition to offering a voucher program to help people pay for rent, you may qualify for foreclosure assistance. To qualify, you have to meet the low income requirements. Those interested in applying need to contact the Public Housing Authority in their local area. They can evaluate your situation and determine if they have foreclosure assistance that you qualify for. To apply, click here.
Federal Deposit Insurance Corporation (FDIC) – The government agency FDIC offers information about how to avoid foreclosure. They recommend several foreclosure counseling agencies that can help you determine the best options for your situation. They also provide general guidance and information about how to spot and avoid foreclosure scams. To apply, click here.
National Consumer Law Center – You may be able to avoid foreclosure by getting a modification on your current loan. The National Consumer Law Center provides information regarding avoiding foreclosure through loan modification. There are numerous large banks that offer private loan modification programs, including Bank of America, CitiMortgage, JP Morgan Chase, and Wells Fargo. To get more information and apply, click here.
Local Programs – There are nonprofit organizations and churches that will often help people with their difficult financial circumstances. If you are facing foreclosure, you may want to reach out to some local nonprofit organizations and churches to see if they have any foreclosure assistance programs. You may qualify for a one-time payment assistant grant that will help you avoid foreclosure.
The foreclosure assistance programs for veterans will help to ease the burden of facing losing your home. If you qualify, the programs can help you avoid foreclosure and possibly make your monthly mortgage more affordable. The most helpful programs for avoid foreclosure are those that are funded by the federal government and your state Housing Authority. If you qualify for foreclosure assistance, you may also qualify for other grants that will provide you with help paying bills, obtaining food, and more.