Several Wisconsin homeowners have fallen behind on their mortgage payments due to recent economic challenges. It is likely that if you feel identified, you are wondering how you can get help at this challenging time. Thankfully, several options are available for mortgage relief.
This post will provide you with all the information you need about these Wisconsin programs. We will also provide you with contacts for organizations that can assist you in applying for assistance. It is important to remember that there is hope! Read on to learn more.
Getting Started
For mortgage relief, it’s best to speak with your lender about your financial situation first, as most lenders are willing to help homeowners whose monthly payments are difficult to make. A HUD-approved housing counselor can provide you with helpful advice if you’re unsure what to say or how to proceed.
Types of Mortgage Relief Available
There are many mortgage relief options available in Wisconsin. Loan terms can be modified, interest rates can be lowered, and mortgage payments can be made through several programs.
- Principal Reduction: If your home is worth less than your current mortgage balance, you may be able to lower your principal. The market value of your home would subsequently be reflected in your loan balance.
- Mortgage Modification: If you have problems making your mortgage payments, you may qualify for a loan modification. When you modify your mortgage, you will be able to negotiate a new payment plan that suits your current financial situation. It may even be possible to negotiate a lower interest rate in some cases.
- Loan Refinancing: If you are having difficulty making your mortgage payments, you may be able to refinance at a lower interest rate. If you qualify, you may be able to lower your monthly payments.
- Forbearance: A forbearance program may be available to you in case of temporary financial difficulty. For a period of time, reducing or eliminating your payments may allow you to regain financial stability.
- Short Sale: Short sales occur when a house is sold below its mortgage balance. The proceeds of the sale are used to repay the debt after the sale.
- Deed in Lieu of Foreclosure: Deeding your home back to the lender in lieu of foreclosure is an option if you are unable to sell or modify your loan.
Mortgage Relief Programs in Wisconsin
Wiscon Help for Homeowners
The Wisconsin Help for Homeowners program provides assistance with overdue bills such as mortgage payments, property taxes, and utilities. In order to qualify, individuals or families living in Wisconsin with overdue housing-related bills must meet income and other eligibility requirements, have experienced a qualified economic hardship since January 21, 2020, and reside in Wisconsin.
How it Works
The program assists Wisconsin homeowners with qualified hardships to pay past due mortgage payments. Homeowners may qualify for funding up to $40,000 per household.
Eligibility Requirements
People eligible for the program must have experienced a qualified financial hardship after January 21, 2020.
You must also meet the following criteria:
- Be a Wisconsin homeowner living in a single-family home, condo, duplex, or factory-built home.
- You earn less than or equal to 100% of either the U.S. or county median income.
How to Apply
You can click here to start the application process or call 1-855-2-HOME-WI if you have questions.
Foreclosure and Its Consequences
Foreclosures in Wisconsin are complex processes that need to be grasped by homeowners facing the process. The loss of your home could occur if you fail to repay your mortgage for more than 120 days.
Foreclosures should be avoided at all costs to maintain a good credit score. In addition, foreclosure can devastate communities, and criminal activity may increase if property values decline.
Avoid Foreclosure in Wisconsin with Favor Home Solutions’ Save My Credit Program
If you’re about to lose your house to foreclosure and don’t know what else to do, we’re here for you! At Favor Home Solutions, we aim to restore your peace of mind and protect your credit. With our ‘Save My Credit’ Program, we’ll take over your mortgage payments, so you don’t have to list your home for sale or worry about 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!
