Relocation assistance for homeowners who have faced foreclosure may be available from various programs, which have been set in place to make the transition from a home to alternate living arrangements more affordable for certain homeowners. Obviously, homeowners who have lost their home to foreclosure have come upon a difficult financial time and may have trouble finding alternative living arrangements.
Yet, one example of these relocation assistance plans comes from the Home Affordable Foreclosure Alternatives plan, which is an extension of the Home Affordable Modification Program. For homeowners who qualify, deed in lieu of foreclosure and short sale opportunities may be presented for their mortgage situation, and if a homeowner is approved for one of these plans, they may be granted relocation assistance as well.
Homeowners who have lost their homes to foreclosure, on the other hand, may have difficulty when it comes to finding an affordable living arrangement due to the hit their credit score may have taken. Some homeowners who know they are going to lose their home often have started seeking alternative living arrangements, like an apartment, before their foreclosure causes a decrease in their credit score.
Yet, there are also some state housing agencies which offer transition assistance to homeowners who may have lost their home as a result of financial difficulty. While these state assistance plans will vary from one state to another, typically, these relocation assistance plans offer homeowners aid when they participate in a short sale or deed in lieu of foreclosure program.
Relocation assistance may not be available to every homeowner, but those who have attempted to save their home yet may have simply seen such a setback in their financial life that foreclosure is inevitable can speak with their servicer or state housing agency to see if their situation qualifies them for these transition programs.