Homeowners who are facing the inevitable loss of their home may have relocation assistance that could be available through funding provided by various federal and state foreclosure alternative plans. There are individuals who have attempted to find a more affordable option on their home loan, but have come up short concerning these assistance plans which were hoped to make their monthly mortgage payment more affordable.
However, homeowners who may not qualify for a trial modification or who may not be able to complete a modification plan may benefit from a short sale, a deed in lieu of foreclosure plan, or another state-specific assistance plan to help homeowners who face the loss of their home. Typically, state-specific assistance plans that help with relocation costs are available to homeowners who participate in one of these foreclosure alternatives plan, but they can be greatly helpful for homeowners who are relocating.
Under the Home Affordable Foreclosure Alternatives Program, a homeowner may receive $3000 to help with their relocation costs after they have successfully completed one of these foreclosure alternative plans. Obviously, homeowners who have gotten behind on their mortgage or are simply in a position where they cannot meet their monthly mortgage payments may have seen a drop in their credit score or will incur a great deal of costs while they either try to stay afloat or attempt to make payments through these modification programs.
It’s for this reason that relocation assistance opportunities are available for certain homeowners, as moving into a new home or apartment can be expensive for homeowners who have just lost their home. There have been some individuals who have, upon realizing foreclosure was inevitable, simply applied for an apartment or other form of renting opportunity before their mortgage foreclosure reached their credit score.
There are renting opportunities for homeowners who may have gone through a formal foreclosure, but typically they require a sizable security deposit or may necessitate that the homeowner provide a cosigner. Yet, it’s hoped that homeowners who are able to successfully use these alternative to foreclosure plans will benefit from these relocation assistance funds and put themselves in a position to get back on their feet in a timelier manner.