Mortgage payments are one of the largest expenses for many homeowners, and falling behind on payments can quickly lead to the risk of foreclosure. Fortunately, Rhode Island offers several mortgage relief programs to help struggling homeowners avoid foreclosure and stay in their homes. In this blog, we will discuss the mortgage relief options available in Rhode Island, helpful government links, and the consequences of foreclosure.
Mortgage Relief Programs in Rhode Island
The Rhode Island Housing Help Center: The Rhode Island Housing Help Center provides assistance and counseling to homeowners facing foreclosure. The center offers free services, including loan modification assistance, foreclosure prevention counseling, and information on state and federal programs that may provide assistance.
- Mortgage Payment Assistance Program (MPAP): MPAP provides up to $40,000 in assistance to eligible homeowners who are struggling to make their mortgage payments due to financial hardship such as job loss or illness.
- Emergency Mortgage Assistance Program (EMAP): EMAP offers one-time assistance to homeowners who are delinquent on their mortgage payments due to a short-term financial hardship such as a medical emergency, divorce, or job loss.
- Foreclosure Prevention Mediation Program: Rhode Island offers a foreclosure mediation program that allows homeowners to work with their mortgage servicers to find a solution to avoid foreclosure.
Consequences of Foreclosure
Foreclosure can have serious consequences for homeowners, including damage to their credit score, difficulty obtaining credit in the future, and the loss of their homes. Additionally, foreclosure can have a negative impact on the entire community, as foreclosed homes often lead to blight and decreased property values in the surrounding area.
Tips for Avoiding Foreclosure
- Communicate with your mortgage servicer: If you are struggling to make your mortgage payments, it is important to communicate with your mortgage servicer as soon as possible. They may be able to offer you options to help you stay in your home, such as a loan modification or payment plan.
- Seek assistance from a housing counselor: A housing counselor can provide free, confidential assistance to homeowners who are struggling to make their mortgage payments. They can provide information on mortgage relief programs and help you navigate the foreclosure process.
- Be wary of foreclosure rescue scams: There are many scams targeting homeowners who are facing foreclosure. Be cautious of any offers that sound too good to be true, and always seek advice from a trusted professional before entering into any agreements.
Helpful Government Links
- Rhode Island Housing Help Center: https://www.rihousing.com/hhc/
- Mortgage Payment Assistance Program (MPAP): https://www.rihousing.com/programs/mortgage-payment-assistance-program/
- Emergency Mortgage Assistance Program (EMAP): https://www.rihousing.com/programs/emergency-mortgage-assistance-program/
- Foreclosure Prevention Mediation Program: https://www.courts.ri.gov/PublicResources/foreclosure/Pages/default.aspx
Favor Home Solutions’ Save My Credit Program Can Help
At Favor Home Solutions, we want to help you protect your credit with a quick and easy solution! Our ‘Save My Credit’ Program takes over your mortgage payments so you can avoid foreclosure showing up on your credit report or listing your home for sale; we’ve got you covered! No fees, no gimmicks, or obligations when you give us a call. Contact us today!
