Help Out There For Homeowners in Distressed Properties
The foreclosure market continues on, and more and more distressed properties are being added to the already overcrowded market each and every month, all across the country. The foreclosure rate also continues to climb in certain areas, even though it is shrinking elsewhere. While these saturated markets are perfect buying opportunities for eager investors looking to save a bundle, they also are the scene of struggles from many homeowners trying to save their homes.
For these homeowners, plenty of help is out there in the marketplace. The federal government, for example, has pumped millions of dollars into emergency relief programs and home loan modification programs for homeowners who own distressed properties and are facing foreclosure. We’ve written about some of these across the country; the latest comes in Massachusetts, with a $61 million program for troubled homeowners.
As a part of the Emergency Homeowners’ Relief Fund, the $61 million endowment is intended to help struggling homeowners meet their payments and stay in their homes long enough to modify their loan payments with their lenders. This program for Massachusetts residents pays $50,000 in zero-interest, forgivable loans. To qualify, residents must be at least three months delinquent on their loan payments, and have a 15% loss or greater in income from losing their jobs.
Elsewhere, in hard-hit Atlanta, Georgia, free mortgage help is on the way. This weekend, the Georgia International Convention Center will hold a special “Help for Homeowners” event in which 21 lenders, federal agencies, and other entities will assist homeowners restructure mortgages and give advice to anyone seeking help.
Opportunities like these are terrific chances for homeowners in the red to stay afloat and keep their homes. The foreclosure market still offers many opportunities for sharp-eyed investors to save a fortune on homes, but for now, it also offers opportunities for homeowners to seek help.