Homeowners who have faced foreclosure and are now in a situation where they must relocate to alternative living arrangements may have difficulty when it comes to meeting certain costs. While some advisers often suggests homeowners began seeking an apartment or renting opportunity before a foreclosure hits their credit score, some homeowners are simply left in a position where the costs of relocating are too expensive, regardless of factors like security deposits or other moving fees.
Yet, there are some opportunities for relocation assistance for homeowners who have lost their home. While state-specific programs which have been created through money that was given by the Hardest Hit Fund offer some homeowners the opportunity to gain relocation assistance, there may be opportunities as well from federal programs like the Home Affordable Foreclosure Alternatives program.
According to Making Home Affordable reports, homeowners who successfully complete foreclosure alternative plans like short sales or deed in lieu of foreclosure programs may qualify for relocation assistance. While these alternative programs can help homeowners avoid the foreclosure process, which can be helpful in their personal financial life, there are indications that some homeowners may receive up to $3,000 to relocate if they cooperate with their servicer and come to an agreement for either a short sale or surrender of their deed.
Understandably, not all homeowners may qualify for a foreclosure alternative program or can find relocation assistance through their state’s housing agency, but homeowners who are in a difficult position where they have suddenly been unable to meet their mortgage payment due to no fault of their own may have a better opportunity at finding relocation assistance after the loss of their home. Obviously, homeowners are seeking to find affordable solutions to their mortgage predicament through a variety of means, but if relocation is necessary, homeowners may be able to at least cut some of these costs thanks to these relocation assistance programs.