Miami mortgage assistance grants and foreclosure prevention.
Low income homeowners in Miami may be able to receive cash grants of up to $7500 to help them pay their mortgage and the funds can be used to prevent a foreclosure. The City of Miami created the Foreclosure Prevention Program to help people who have faced a significant and unexpected loss of income remain in their homes.
The primary goal of this Miami mortgage assistance program is to help families and individuals avoid homelessness. The money from the city can help people get back on track with their home loan payments and avoid foreclosure. The funds are often combined with counseling and other support, such as budgeting classes.
As resources allow, the City of Miami’s Foreclosure Prevention Program may be able to provide financial assistance and cash grants of up to $7,500 to low income and other eligible homeowners who are facing foreclosure. The program has many components and will work by paying delinquent mortgage payments to assist homeowners in Miami Florida with bringing their mortgage current.
The program is flexible. Funds and grants may be available to pay late fees, property taxes, attorney’s fees, homeowners’ association payments, special assessments assessed by the lender or the city, home insurance expenses and other foreclosure associated costs.
There are several conditions that of course need to be met, as the program is not a charity program. Some of the criteria include the following.
-The homeowner needs to prove that the mortgage delinquency and the reason they are behind on their payments is due to a significant loss of household income that was experienced by the borrower. The reduction of income can be caused by various reasons, including loss of employment, a medical emergency that caused sudden medical illness or expenses, death in the family, divorce or separation, predatory lending practices and / or unforeseen / unexpected / or unanticipated home repairs and maintenance.