Sadly, here in the month of June there are still numerous homeowners who are facing foreclosure or the loss of their home through foreclosure alternative programs, which is a trying event in anyone’s life and can make other responsibilities more difficult, particularly when it comes to finding an alternative living arrangement. Yet, questions that homeowners have had centering around relocation assistance options that are still available for foreclosed homeowners may bring about the answers that these troubled individuals need as there are opportunities available to these men and women when it comes to relocating from their home to a rental property.
Programs like the Home Affordable Foreclosure Alternatives program and the Hardest Hit Fund are two of the opportunities that homeowners may have when it comes to finding relocation assistance if meeting basic costs like security deposits or moving expenses are beyond the means of a homeowner due to the financial distress they have faced. Ideally, homeowners who are in a position where foreclosure prevention programs will not work for their particular predicament will find that these relocation assistance programs, particularly HAFA will offer up to $3000 in relocation assistance for homeowners who may qualify for a short sale or a deed in lieu of foreclosure program.
Also, certain states have implemented similar initiatives to help homeowners who are facing financial distress due either to unemployment or negative equity and are able to allow these homeowners assistance when it comes to finding an alternative place to live, but how homeowners use these funds will obviously differ. Homeowners who are facing the loss of their home and have explored options like modifications or other loss mitigation efforts but to no avail may be in a position where their finances have been strained due to the fact that many homeowners attempt to stay afloat by using their savings or credit in the hopes of finding more stable financial ground before missed payments on their home begin.
When it comes to relocating though, homeowners may simply be in a situation where they cannot afford the costs that will come with moving or, in the case of homeowners who must rent an apartment, if they had seen a drop in their credit score or unemployment happens to be a problem and has reduced the total income a family has, some apartment complexes may require a higher security deposit before a homeowner will be able to relocate from their home. This is obviously problematic when a homeowner has, once again, faced a great deal of financial stress, so it’s hoped that these relocation funds will help homeowners not only move from their home but put them in a position where they can afford the costs of moving as well.
While homeowners will usually have to qualify for one of these foreclosure alternative plans or HHF programs, those who are facing the possibility of relocation may want to explore what opportunities are available for their specific situation and from their particular lender, as it’s understandable that no homeowner wants to necessarily relocate from their home, but if it is necessary, relocation assistance funding can be of great help.