Contact the U.S. Department of Housing and Urban Development on behalf of the elderly.
With the rising cost of food, housing and medical expenses, many seniors are finding it hard to make ends meet. This is compounded with mortgage loans that many of our seniors signed for without understanding the details of the loan. As a result, homes that have been owned for generations are being lost to foreclosure. The elderly are being displaced, and some even become homeless. There are a few things you can do to help the elderly save their homes.
Instructions
1. An HUD-approved counselor will assist you for free.
Talk to a counselor approved by the U.S. Department of Housing and Urban Development. Programs for homeowners who are facing foreclosure include Making Home Affordable, the loan modification program developed by the Obama administration. Seniors will need assistance in preparing the paperwork. You will need to start by writing a hardship letter. This letter will explain the situation of the senior in detail. Loan modifications are lender specific. You will need to contact the lender to see what documentation they need to start the process.
2. Seniors older than 62 can apply for a reverse mortgage.
Apply for a reverse mortgage. This is a way homeowners age 62 and older can convert a part of their home equity into cash without having to sell the home. This also is a way of stopping the foreclosure process. The proceeds can be used to catch up the mortgage and provide extra cash to the homeowner. Consult with a HUD-approved counselor to discuss this option.
3. Call the loss mitigator for mortgage options.
Contact the loss mitigation department for the lender. Loss mitigation specialists provide options to avoid foreclosure. The lender may be able to offer a program that will put the amount overdue on the back end, making the loan current. If the senior can no longer afford the home based on income, you still can work out a plan based on the current income that can be negotiated in a two- or five-year term.
4. Sell the home and relocate to affordable housing.
Sell the home. The income from the sale of the home can be used to find more affordable housing for the senior. Struggling with a payment that is not affordable will put the senior in a reoccurring situation. The sale of the home would bring financial security and peace of mind. Contact a local real estate agent for options of selling and relocating.
Tags: will need, affordable housing, Department Housing, Department Housing Urban, Housing Urban, Housing Urban Development
