There are several types of mortgage assistance programs available for borrowers to choose from depending on their conditions. Here are some of the major types of assistance programs.<\/p>

• Refinance or Modify<\/b>–\u00a0One of the most common types of mortgage assistance is a refinance. While modifying your mortgage means making a permanent adjustment to it by lowering the monthly payments, decreasing your total amount of loan, extending the loan term for paying the loan off, or acquiring a lower more favorable interest rate. By Refinancing you pay off your existing loan using a new one with terms that offer you more benefits comparatively.<\/li>
• Financial Aid<\/b>-This is another one of the helpful mortgage assistance programs. These types of programs provide borrowers assistance through interest-free loans, grants, by waiving some charges, fees, or sometimes even through a second equity loan or mortgage.<\/li>
• Loan Forbearance<\/b>-A \u2018forbearance<\/u><\/a>\u2019 is a temporary suspension or reduction of your monthly payments. You may be allowed this type of assistance if you are looking to avoid foreclosure. You may also be provided with an improved or affordable payment plan by your lender, after the forbearance period ends, in order to help you pay the missed amounts back.<\/li>
• Unemployed Homeowners<\/b>–\u00a0Some programs and mortgage companies allow you to make partial payments or defer them if you are underemployed or unemployed, while you are looking for permanent employment. One such assistance program in California provides unemployed homeowners up to $3,000 a month, for a period as long as eighteen months. This temporary program offers some relief to the borrowers or homeowners while they try and get back on their feet and helps them avoid losing their home, although the interest continues to accumulate.\u00a0<\/li>
• Mediation Programs and Foreclosure Postponement<\/b>–\u00a0A slowdown to the process of foreclosure or even postponements are provided by some programs and state laws. This helps the lenders and borrowers work together through mediation and implement a reasonable plan that would allow the homeowner to avoid foreclosure.\u00a0<\/li>
• Hardest Hit Fund<\/b>–\u00a0These are funds that are specially set aside by the federal government, for the parts of the country that were hit hard by the housing crisis. This program fund helps homeowners with moderate and low income, find mortgage assistance when they are unemployed, reduce their loan amount, or helps them switch to a new house after a short sale, and provides many other benefits.\u00a0<\/li>
• Avoiding Foreclosure<\/b>–\u00a0It is nerve-wracking to even think about losing your home, especially after having invested so much of your time, money, and emotions in it. However, none of us are guaranteed immunity from financial problems and thus we face one sooner or later. Sometimes these can lead to foreclosure. You can get help from and contact an attorney that specializes in providing alternatives to avoid foreclosure and thus help you get back on course. A good and skilled attorney will assist you with your legal options and discuss and decide what might be the best strategy for you.<\/li><\/ul>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

  About Mortgage Assistance Program A mortgage, for a lot of people, is by far the biggest financial decision that they will ever make.  Buying a home is an emotional process and owning one is a… Continue Reading What are Mortgage Assistance Programs in Texas<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":5343,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[38],"tags":[47,1199,1200,89,1201,1203],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.compareclosing.com\/blog\/wp-content\/uploads\/2021\/02\/What-are-Mortgage-assistance-programs.jpg","_links":{"self":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/5335"}],"collection":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/comments?post=5335"}],"version-history":[{"count":5,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/5335\/revisions"}],"predecessor-version":[{"id":5433,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/posts\/5335\/revisions\/5433"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/media\/5343"}],"wp:attachment":[{"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/media?parent=5335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/categories?post=5335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.compareclosing.com\/blog\/wp-json\/wp\/v2\/tags?post=5335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}