With the state of the economy it has been necessary for many people to seek government help to stop foreclosure. How long these programs will remain in existence depends on the state of the economy in the future. Some economists believe things are getting better while in many areas there is still a high rate of unemployment.
Pittsfield, MA -- (SBWIRE) -- 07/08/2013 -- The state of the economy has been in such bad shape in the past decade that it has been necessary for many people to seek government help to stop foreclosure. In 2011 Massachusetts implemented a program to help those who had fallen behind on mortgage payments because of unemployment or extremely high medical expenses. The program was designed to bring their mortgage loan up to date, make future mortgage payments and thus help them avoid foreclosure. At that time there were over 15,000 homes in foreclosure.
The program was called Emergency Homeowners Loan Program and was created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. This was one of many programs that were intended to provide government help to stop foreclosure as long as homeowners met certain criteria such as:
- Unemployment or underemployed because of economic conditions or medical conditions
- Fifteen percent or more income reduction
- Minimum of three months delinquent on mortgage payments and be in danger of foreclosure
- Must have a high likelihood of resuming monthly payments by the end of the program’s second year
- Income must be less than 120 percent of the area median income or below $75,000
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In addition to this program government grants to stop foreclosure may also be available for those who qualify. As with many programs, the income of those enrolled in this particular program will be evaluated along with all signers on the mortgage note. The loan will have no interest and only those who are on the mortgage note will be used as a qualifier. The loan does not have to be repaid as long as the homeowner continues making mortgage payments on time for five years.
Other government programs to stop foreclosure have been implemented including the HAMP program that came into existence in the spring on 2009. Our company can help you research and locate any programs that are in existence where you live in order to ensure you will not lose your home.
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