Homeowners who may be unable to continue living in their home have often sought out relocation assistance options when it comes to facing foreclosure. Moving costs and finding alternative living arrangements can be expensive, especially when homeowners who have recently entered foreclosure are seeking renting opportunities.
Factors like security deposits and the impact to a homeowner’s credit score are issues that may cause the costs of relocating to be quite troublesome. However, some homeowners have been able to take advantage of opportunities where relocation assistance may be available after foreclosure.
Popular programs like cash-for-keys have been offered in certain instances and some homeowners have been able to find funding when they have participated in foreclosure alternative programs. While it’s understandable that homeowners wish to avoid the loss of their home at all costs, there are those who feel that when foreclosure is inevitable, finding the financial means to relocate needs to become a top priority.
Some homeowners who feel that the loss of their home is inevitable often began seeking renting opportunities before a foreclosure shows up on their credit history. While this may lower some costs associated with a poor credit score, like a higher security deposit or the need for a cosigner, homeowners who are in the process of losing their home may still find relocation expenses difficult to meet.
Yet, there are some state-specific programs which could be helpful as well, when it comes to helping homeowners transition from their home to an alternate living arrangement. As an example, California’s Keep Your Home Program has allowed homeowners to take part in a Transition Assistance Program when it is determined they can no longer afford their home loan payments.
Usually, relocation assistance is only available when a homeowner participates in programs like short sales or deed in lieu of foreclosure plans, but homeowners who have been working with their servicer to find affordable payment solutions from their home, but have been unsuccessful, may still be able to inquire about assistance from their servicer or relocation grants which may help individuals who have lost their home.