Some good news is on the horizon for families who may be facing foreclosure. The Department of Housing and Urban Development (HUD) is offering $42 million in housing grants to hundreds of regional and local organizations, according to a recent press release by the HUD.
This is a welcome development for the 468 organizations due to benefit from the grants, which are intended to help families avoid foreclosure. According to the press release, the grants will also provide assistance to “renters and the homeless, and offer financial literacy training to individuals and families.”
Senior citizens are likely to benefit from this funding as well, with $4 million allotted for counseling centers that can help them find reverse mortgages or Home Equity Conversion Mortgages (HECM).
The HUD grants will be given directly to housing assistance agencies and organizations, which will then provide families and individuals with various types of housing assistance at little to no charge.
You can read the entire press release here: http://portal.hud.gov/hudportal/HUD?src=/press/press_releases_media_advisories/2012/HUDNo.12-055
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Loan mods are hard to come by. B of A did 87 in 2008. That right only 87!!! If you had a job, your likelihood of gteting a permanent reduction would be minimal. Without a job, there is none.If you want to stay in your home and you can meet the mortgage by renting out rooms, you can try that. You can also let BofA A know that you expect to get a job soon and let them know of your hardship. The bank gave a client of mine 6 months leeway because of medical surgery. You’ll still have to pay then back all that money, but it can by you time. It that doesn’t work, you may want to consider selling. If you can’t afford it, consider a short sale this is where the bank agrees to take less and pay for the closing costs.Talk to a real estate lawyer first and a accountant to understand what the tax and loan deficiencies repercussion are.