FORUM DESCRIPTION Considering that average middle class families have been losin

Question

FORUM DESCRIPTION Considering that average middle class families have been losing their homes due to foreclosures, a consequence of loss of employment and the crash of the housing market, how do you address the following concerns and questions brought forth by the Wright family at a town hall meeting. 1. John Wright: "Up until 6 months ago, I was employed, and thus able to pay my mortgage and property taxes. I was let go and the town has placed a lien on my home. I do not want my family to become a statistic. How can you turn us out to the streets?" 2. Cathy Wright: "What programs are available to assist families like us who want employment and want to pay our mortgage? 3. John Wright: "Where can I find an advocate who will speak for families?" Research programs in your own community that might help the Wright family, discussing at least two programs that would help the family. Also, in your initial response please be sure to include the actions (two at minimum) you would take as the 2 town manager who heard from the Mr. and Mrs. Wright at this meeting.

Explanation / Answer

At the time of foreclosures, it is necessary to keep few things in mind-

Programmes available to assist unemployed homeowners

1. Home Affordable Unemployment Program (UP)- If you want to pay the mortgage but unable to do so due to unemployment, you can use this program. It gives a temporary reduction or suspension of the mortgage payment for at least 12 months until you find a job.

2. The Emergency Homeowners’ Loan Program (EHLP)- This program provides assistance to unemployed homeowners who are at a risk of foreclosure due to the adverse economic condition or a medical problem. Eligible homeowners receive one-time EHLP assistance for past due payments as well as ongoing aid to help them pay their monthly mortgage installment.

3. Federal Housing Agency (FHA) Special Forbearance: This program also helps the unemployed homeowners by reducing or suspending mortgage payments. Forbearances are granted for a specific period in which the owner has to find re-employ themselves and make the payments once the forbearance period ends.

Find advocates.

NACA has attorneys who are dedicated to providing legal assistance during foreclosures. The Institute for Foreclosure Legal Assistance (IFLA) is a not-for-profit program managed by NACA that is focused on representing homeowners facing foreclosure.

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