Homeowners across the country are struggling to make their monthly mortgage payments for a variety of reasons, and many may be unaware of the governmental assistance programs that are available to help homeowners avoid foreclosure. In today’s blog, we’ll review a few assistance programs that are designed to help people stay in their homes, and what you can do if keeping your home is not an option.
Cash 4 Kansas Homes is here for Kansas homeowners who want to sell their burdensome, unaffordable homes. We buy houses in any condition for cash and can frequently conclude the closing process in less than 30 days. Call us at 913-276-0769 to learn more!
What is the Making Home Affordable® (MHA) Program?
The MHA program is administered through the U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development (HUD) and offers solutions for homeowners looking to avoid foreclosure. Composed of a wide variety of individual programs, MHA can help people lower their mortgage payments by entering into more stable loans with competitive rates.
What Types of Assistance are Available?
There are a wide variety of solutions available under the MFA program, and we’ve outlined a few of them below:
- Home Affordable Modification Program (HAMP)For homeowners who want to modify their existing mortgage payments, this may be a workable solution. This program lowers your monthly payment based on your verified monthly gross income and may result in a 40 percent drop in your mortgage payment. Many homeowners have reported a reduction of $1,000 or more with the help of this program.
- Home Affordable Refinance Program (HARP)Many Kansas homeowners find themselves in “underwater” mortgages. If you have had difficulty obtaining a traditional refinance on your mortgage because of declining home values, HARP may be able to help. This program is designed to work with homeowners in order to refinance their existing mortgage into a new, more stable and affordable mortgage.
- Home Affordable Unemployment Program (UP)Homeowners who are struggling to make their monthly mortgage payments because of unemployment may be eligible for assistance through the UP program. This program is unique in that it seeks to temporarily reduce or suspend your current monthly mortgage payment for at least 12 months while you look for employment and is a great option for unemployed homeowners.
- Home Affordable Foreclosure Alternatives (HAFA)In addition to programs that help modify, refinance, or temporarily suspend mortgages, the MFA program also offers “managed exit” programs for homeowners. If your current mortgage is unaffordable and you’re hoping to secure more affordable housing, you may be eligible for a short sale or deed-in-lieu through the HAFA program.
Looking to Avoid Foreclosure in Kansas?
Are you a Kansas homeowner who’s stuck in an underwater mortgage, or are you unemployed and need to sell your home to avoid foreclosure? Cash 4 Kansas Homes can help. Contact us today to receive a fair, all-cash offer on your home. We look forward to speaking with you!