Foreclosure Assistance Programs for Native Americans

Native Americans who may be fearing foreclosure have resources they can turn to for help. Foreclosure, which is losing your home for not making the mortgage payments, is a scary process that may leave many people unsure how to move forward to avoid it. The good news is that there are several foreclosure assistance programs for Native Americans, and those programs may be all you need to help keep your home.

When to get foreclosure assistance

If you are falling behind on your mortgage you may be receiving notices from your lender regarding foreclosure. When you have went too long without keeping up on your mortgage payments, then the bank or lender, has the right to legally remove you from the property and take it over. From there, they can sell it to get as much of the loan that is still owed to them as they can. When you first see that you are falling behind on your mortgage it is a good idea to contact places that provide foreclosure assistance programs for Native Americans.

 The sooner you contact the places regarding avoiding foreclosure, the better. That way the problem gets addressed right away, before the amount past due becomes too big of a hurdle to try and get over. There are numerous foreclosure assistance programs you can turn to. If you qualify for the programs, they will help you avoid foreclosure, and you will not have to pay the grant back that you received in order to save your home.

Foreclosure assistance programs you can trust

The federal government offers a program that helps people avoid foreclosure. The program is offered through HUD (Housing and Urban Development). The program they offer to help Native Americans avoid foreclosure is called the Making Home Affordable (MHA) program. The program includes several options to help people avoid foreclosure, including:

• Home Affordable Modification Program – This program helps to lower your monthly mortgage payment to 31 percent of your monthly gross income, thus making it more affordable.
• Principal Reduction Alternative – This program is for those who owe more than their home is valued at, by getting investors to reduce the amount that you owe on the home.
• Second Lien Modification Program – This program helps those homeowners who have taken out a second mortgage on their home and are struggling to keep up with the payments.
• Home Affordable Refinance Program – This program helps owners who may not otherwise be able to get their home refinance, due to a drop in value.

In addition to the HUD programs that are available to help you avoid foreclosure, there are other organizations that provide assistance. The NeighborWorks America organization provides foreclosure assistance, as does the Homeownership Preservation Foundation. There are other grant and assistance programs offered in many cities around the country that will help as well. They generally offer a one-time grant that can be used to help pay for your bills, which may be helpful in getting financially caught up. These programs are typically offered through places like the Salvation Army, Temporary Assistance for Needy Families, Catholic Charities, and your local housing authority.

Additional information

If you want to save your home then it is important to take steps right away to start obtaining foreclosure assistance. However, there may be some people who do not want to save their home, but yet want to avoid the foreclosure process. Perhaps you have equity in your home or you want to avoid the negative credit report that will be attached to losing a home to foreclosure. If that is the case, it is still important to work with a HUD counselor or other foreclosure assistance specialist, so they can guide you toward the best route to take. Foreclosure assistance specialists can provide you direction to help you find a way out of the home, without losing it to foreclosure.

How to apply for the foreclosure assistance programs

Native Americans who would like to apply for the foreclosure assistance programs should contact the program they are interested in applying for. You can call to speak with a HUD counselor about your current situation and needs. Additionally, you can contact other programs directly to see if you can apply online or in person.

Avoiding foreclosure scams

It’s important to note that there are many foreclosure scams. Be cautious about any programs that promise to help with foreclosure assistance if they are not tied to the federal government HUD programs. If a foreclosure assistance program wants you to invest money into, sign over your house to them, or it sounds too good to be true, then it may be a scam and worth further investigation.