Are you having trouble keeping up the payments for your house? If you live in Arizona, California, Florida or Michigan, then you have something to smile about. These four states are planning to use $1.4 billion worth of funding to assist the unemployed and those whose mortgages are underwater in paying their mortgages to avoid foreclosure. Nevada, North Carolina, South Carolina, Rhode Island, Ohio and Oregon are also coming up with their own programs. The total funding for all the states is set at $2.1 billion.
These state rescue programs aim to assist those who don’t qualify for traditional mortgage modification and relief programs.
Paying down and subsidies
Although the four states don’t have the exact same programs, most of them involve two measures: one is to subsidize mortgage payments, and the other is to pay part of the principal for underwater mortgages. For some, it also involves cooperating with banks, where the government and the banks both assist in easing mortgage woes
Pros and cons
Many people observe, however, that this may lead to people not actively looking for a job, relying on the funding to keep their mortgages afloat. For others, the idea of taxes being used to pay for other people’s mistakes doesn’t sound logical. However, what is true is that these measures will be able to stabilize the local markets at the very least.
Sign up on the box at the right for more information on mortgage relief and modification.
2 Responses
Im disabled and can not work, i have no income and im losing my home, what do i do. help, i,m three mo, behind
Posted on August 1st, 2010 at 10:42 pm
Hello, David!
These are the various programs you can look up for disability assistance: TANF (Temporary Assistance for Needy Families), Unemployment Insurance programs (if applicable) and if you are a Veteran, you should immediately get in contact with your nearest VA office.
Posted on August 2nd, 2010 at 6:54 am
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