Post foreclosure grants in Minnesota.
The Minnesota Home Ownership Center, located at 1000 Payne Avenue, Suite 200, St. Paul, MN 55130, (phone number 651 659-9336) has started a new program that will provide help to families who have gone through a foreclosure. The grants can be used for relocation assistance after the foreclosure process has ended. The only funds that are available to people after foreclosure comes from the lenders themselves in the form of moving expenses and to receive it, people who are foreclosed have to agree to move out within the lenders’ time frame.
The maximum grant offered to a family or individual will be $2,500. The new pilot program is restricted to only those people who owned a home in Dakota, Ramsey or Washington Counties. However, the program could be extended to the metrowide area depending on need and the availability of funding.
The cash grants are targeted to help people who have experienced a foreclosure and who need some assistance and so called “bridge money” until they are back on their feet according to a spokesperson from Minnesota Home Ownership Center. People who have lost their home are often times going through a very difficult time, and the money can go a long way towards helping them.
The money can be used for a variety of uses. For example, the grant could go to help cover things like security deposits, utility bills, first months rent in a new home, moving expenses, and more.
The primary goal of the grants is to prevent a family from going from being a homeowner to being homelessness, as the money can pay for rent and moving costs.
There are some conditions in order to be eligible. Grant applicants need to be able to prove that they can afford monthly rent in their new housing, among other criteria as the funds are intended to help people get a new start.
Foreclosure prevention services from Minnesota Home Ownership Center
In addition to the cash grants for relocation expenses, the center also offers a number of free foreclosure counseling and prevention programs. Counselors will work with delinquent borrowers to try to keep them in their home, as that is by far the ideal outcome. The Home Ownership Center would much rather keep a family in their home than relocate them.
So to this end, families can receive information on a number of resources. Receive help with loan modifications, get information on government mortgage assistance programs such as the hardest hit fund, receive help in negotiating and mediating a solution with your bank or lender, and much more. Call the center to get a comprehensive listing of services and programs offered to people who need help.