What're Mortgage Relief Programs all about?

Mortgage Relief Programs in Oklahoma

Mortgage relief programs can be a lifesaver for homeowners who are struggling to make their monthly mortgage payments due to unforeseen financial challenges. These programs offer assistance by temporarily reducing or suspending mortgage payments, allowing homeowners to get back on track and avoid the risk of losing their homes to foreclosure.

Oklahoma has several mortgage relief programs available to assist homeowners in need. The state’s Department of Housing and Urban Development (HUD) offers the Emergency Homeowners’ Loan Program (EHLP) to help homeowners who are facing temporary financial hardship due to unemployment, underemployment, or a medical crisis. This program provides interest-free loans to cover a homeowner’s mortgage payments for up to 24 months.

The Oklahoma Housing Finance Agency (OHFA) also offers the Mortgage Assistance Program (MAP) to help homeowners who are at risk of default or foreclosure. This program provides financial assistance to cover a portion of a homeowner’s mortgage payments for up to 24 months.

In addition to these state-run programs, many mortgage lenders offer their own relief programs to help homeowners who are struggling to make their payments. These programs may include mortgage modification, which permanently changes the terms of a homeowner’s mortgage to make the payments more affordable; forbearance, which allows homeowners to reduce or suspend their mortgage payments temporarily; or loan modification, which permanently changes the terms of a homeowner’s loan to make the payments more affordable.

It’s important to note that mortgage relief programs are not a permanent solution, and homeowners must eventually resume full mortgage payments. However, they can provide much-needed financial assistance during a difficult time and help homeowners avoid the devastating consequences of foreclosure.

If you’re a homeowner in Oklahoma and are having trouble making your mortgage payments, it’s essential to act quickly and explore all of your options for mortgage relief. Don’t wait until it’s too late to seek help – contact your mortgage lender or a housing counselor as soon as possible to discuss your options and find a solution that works for you.

It’s important to note that mortgage relief programs, such as the Emergency Homeowners’ Loan Program (EHLP) and the Mortgage Assistance Program (MAP), are typically only available to homeowners who are facing temporary financial hardship and have not yet been foreclosed upon. If a homeowner has already lost their home to foreclosure, they may no longer be eligible for these programs.

However, there are still options available to homeowners who have been foreclosed upon. One option is a short sale, which is a transaction in which a homeowner sells their home for less than the amount they owe on their mortgage. This can be a way for homeowners to avoid the negative consequences of a foreclosure on their credit report and potentially walk away from the sale with some of their equity.

Another option is a deed-in-lieu of foreclosure, which is a process in which a homeowner voluntarily transfers ownership of their home to their mortgage lender in exchange for the lender agreeing not to pursue a foreclosure. This can be a good option for homeowners who cannot afford to keep their home and want to avoid the lengthy and costly process of a foreclosure.

It’s important for homeowners who are facing foreclosure to explore all of their options and seek the advice of a qualified housing counselor or attorney. While losing a home to foreclosure can be a devastating experience, there are steps that homeowners can take to minimize the impact on their finances and their future homeownership prospects.

If you or someone you know is in pre-forclosure and needs to sell their home quickly to avoid further damages to their credit, contact us today.

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