A new state program in Alabama that uses federal stimulus funds is forecasted to help homeowners catch up on their mortgage payments and avoid foreclosure.
The program, titled Hardest Hit Alabama, is available to homeowners throughout the state. Homeowners who are unemployed can qualify for up to $15,000, distributed over a 12-month period, to apply to their mortgages. Even better, if they stay at their current home for five years, they don’t have to pay back the money.
The funding for the program comes from a stimulus package that allocated $2 billion for assistance with mortgages to the 18 states with the highest unemployment rate. Alabama received $162 million.
The Alabama Housing Finance Authority conducted a pilot program late last year to see how it would turn out and the actual program was launched on Wednesday.
So far, numerous families have been helped to avoid foreclosure.
"These are good programs that help those in times of need when they cannot help themselves," said Gov. Robert Bentley at a conference. He believes it is a good allocation of taxpayers’ dollars.
Foreclosures are a problem that many Americans are currently facing. The process involves a lender repossessing a home when the mortgagor has defaulted on payment. With the downtrodden state of the economy, even homeowners who don’t owe much on their mortgage are having a hard time making their monthly payments. If you have received a foreclosure notice or have been falling behind on payments, contact a foreclosure lawyer immediately for help.
Contrary to popular belief, lenders aren’t out to foreclose properties at whim. The process is costly for lenders and if it can be avoided, then it will be. Foreclosure attorneys work with lenders to see if a plan of action aside from home repossession can be reached. They will analyze their clients’ financial portfolios and try to come up with an alternative to foreclosure such as mortgage modification, temporary stop of payment or refinancing.
Contact a foreclosure lawyer in your area before it’s too late. There are numerous skilled paralegals in your city that want to help you keep your home. Schedule an initial consultation right away to prevent your home from being foreclosed on.
