If you are one of the thousands of Nebraska homeowners experiencing difficulties keeping up with your mortgage payments, you may be wondering what relief options are available to you. The good news is that there are a number of programs available that can help you get back on track. This blog post will provide an overview of some of the most popular options. So if you’re struggling to make your mortgage payments in Nebraska, read on for information about the programs that may be able to help.
How to Get Started
The first step to seeking mortgage relief is communicating with your lender and making them aware of your financial situation. In many cases, mortgage lenders are willing to assist homeowners who are unable to pay their monthly mortgage payments. A HUD-approved housing counselor can also provide you with assistance if you are not sure how to approach your lender or need help figuring out what to say.
Mortgage Relief Solutions
Mortgage relief is possible in a variety of ways. Your mortgage payments can be reduced, your interest rate can be lowered, and your term can be extended through a number of programs.
If you owe more than the value of your home, you may be eligible for a principal reduction. As a result, your loan balance would be reduced in accordance with the current market value of your home.
You may be able to modify your mortgage loan terms if you are having trouble making payments. With a mortgage modification, you work with your lender to negotiate a new repayment plan that works for you. Your lender may even be able to lower your interest rate in some cases.
Forbearance agreements are often available for homeowners who are experiencing a temporary financial hardship. As you get back on your feet financially, you make reduced or no payments during this period.
It might be possible to refinance your mortgage with a lower interest rate if you’re having trouble making payments. The lower your loan payments, the easier it will be for you to repay them.
A short sale refers to the sale of a property for less than the mortgage balance. The debt is paid off with the sale proceeds.
Deed in Lieu of Foreclosure
Deeding your home back to the lender in lieu of foreclosure can be an option if you cannot sell your home or reach a loan modification agreement with your lender.
Mortgage Relief Programs in Nebraska
Homeowner Assistance Fund (HAF)
The Nebraska Homeowner Assistance Fund offers housing assistance to homeowners affected by COVID-19. Among the expenses the program funds are mortgages and property taxes for homeowners.
This program is available to Coronavirus victims who suffered financial hardship after January 21, 2020.
You must also meet the following qualifications:
- Have a combined household income equal to or below 100% of the area median income.
- Occupy the home as a primary residence in Nebraska
How to Apply
Register and apply here.
You must also be ready to provide the following documents:
- A valid photo identification card (such as a driving license)
- Information about your mortgage loan (servicer, loan number, etc.)
- Verification of primary residence (such as a recent utility or phone bill)
- Documentation verifying income, such as pay stubs or tax returns
- Other documents required by the NHAF
Making Home Affordable
The Making Home Affordable program offers valuable resources and free counseling to homeowners in need of mortgage assistance.
Foreclosure and Its Consequences
It is important to understand how foreclosure works in Nebraska and its consequences so that it can be prevented. Falling behind on your mortgage payments may result in your lender foreclosing on your home, a process that can take up to 120 days. Furthermore, foreclosure can negatively affect your credit score, so you should avoid it at all costs.
Avoid Foreclosure in Nebraska with Favor Home Solutions’ Save My Credit Program
If you’re looking for a quick and easy way to avoid foreclosure, we can help! At Favor Home Solutions, we’re 100% committed to helping you regain your peace of mind and protecting your credit! Our ‘Save My Credit’ Program takes over your mortgage payments, so you don’t have to go through the home selling process or get a foreclosure mark on your credit report.
You might even be able to pocket some money at the end! No fees, no gimmicks, and no obligations. Contact us today to get started!