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.
-The applicant must be able to demonstrate the ability to make future mortgage payments after assistance is received and they need to be provided and agreed to stay on a revised monthly budget.
-The home must be a single family residence, owner-occupied and have a homestead exemption and of course it needs to be located in the city of Miami Florida.
-The homeowner who applies to the Foreclosure Prevention Program must agree to undergo counseling and register for workshops. The sessions will give free advice on foreclosure prevention and there is also debt counseling from a HUD-certified Counseling Agency that is located in the region. More on Florida HUD agencies.
-Interested borrowers can pick up an application for the Foreclosure Prevention Program at the Department of Community Development. Or, if more convenient to them, they can also pick up an application at any of the City of Miami’s Neighborhood Enhancement Team (NET) locations.
If you are interested in applying for assistance or to get more information on the Miami Foreclosure Prevention Program, please dial (305) 416-2016.
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