You may be able to stop home foreclosures through government grants.
Government grants are available to alleviate or stop home foreclosures. These grants are offered through HUD, the Department of Housing and Urban Development.
According to the HUD website, the Office of Departmental Grants Management and Oversight (ODGMO) is responsible for internal controls and management of HUD programs, including streamlining grant-processing and procedures. Although there are too many states to list here, you may want to check your own state for its grant-funding opportunities for foreclosed homes.
Registering With Grants.gov
To apply for federally issued grants that are meant for private citizens in home-foreclosure situations, you will need to register with Grants.gov. You must then obtain a DUNS (Data Universal Number System) number and register with the CCR (Central Contract Registration).
All grant programs are not available in all states. Typically, the federal government assists states and municipalities, counties and cities with funding that may become available for individuals or private citizens. These funds are usually turned over to agencies and other entities, such as lenders and banks that help borrowers, purchasers and/or homeowners stay in their homes. In addition, these programs are not available for second-owner homes (in other words, the borrower-applicant is not living in his or her primary property).
"HOPE for Homeowners" Grant Program
HUD offers a program called, "HOPE for Homeowners." It provides 30-year fixed-rate mortgages through FHA-backed loans. You must qualify for an FHA (Federal Housing Administration) insured loan in order to qualify for the HOPE program.
If you are struggling with your current housing payments and are still solvent (not legally bankrupt), HUD will help you move to a home that is more affordable. Your monthly payments and interest can be lowered through this "move-out-move-in" refinancing program, thereby allowing you to transition into a home that you can afford. (You do not have to register at the Grants.gov site for this type of funding assistance.) The initial certification package contains three items: a request form, a form for the IRS tax document 4506T-EZ, and a form for income-verification.
"Making Home Affordable" Grant Program
You do not have to register with Grants.gov for this type of foreclosure assistance. This program offers a few assistance programs for affordable home refinancing if your home has decreased in value and you are unable to take advantage of traditional means of obtaining a lower interest rate. There are loan-modification programs for those whose interest rates have increased or they have suffered a drop in income; and second lien modification for lowering second mortgage payments for those who are eligible for a primary loan modification. Other foreclosure alternatives include a one-time $3,000 relocation payment for those who must sell their home via a short sale or deed-in-lieu (DIL) of foreclosure.
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