Mortgage Assistance for Single Mothers

So you are divorced or are a single mom who had it all together until the downsizing in your department rendered you jobless. Such is the story of thousands of women all over the country. In danger of loosing homes they fought hard to get in the first place. You feel all is lost and you have no where to turn. This article will help you explore possibilities for Mortgage help that just might save the family farm so to speak.

If you already own a home and are in danger of loosing it because your mortgage payment is behind or will be you can go to http://usmortgagerelief.org/is a site dedicated to helping you to find ways to relieve the stress and insecurities in your life. They explore the options with you, even offering a toll free number for live consultations.

 

THE FHA LOAN PROGRAM

This is a most unique and effective tool that van be used to obtain a loan for any need. if you need a FHA loan to consolidate bills, Refinance an existing home loan or become a first time home buyer you would do well to discuss this with the folks at http://www.lifestyle-mortgage.com/fha/single-parent.shtml they are dedicated to helping single mothers’ find financial solutions. The FHA program has several advantages for the single parent one of them is that there are compensating factors that just might help you to get some bad credit items “forgiven” by the loan underwriters. Then there is the fact that qualifying for this loan is a lot easier than most other loans. The flexible debt ratios is one of the reasons for this. That is why the FHA home loan is ideal for a single mother in mortgage trouble. It also has some really neat additions that can lower the rates and front end cost to the prospective buyer. One is the inception and inclusion of gifts from family members. They give you credit for any monetary gifts toward home ownership you receive from relatives. This company will help you to locate local grant programs that award money to single mothers for the purpose of home ownership. Finally the Federal Government regulates the closing costs on these loans. This means there is a maximum you can be charged.

The availability of this loan is perfect not only for a first time buyer but also the single mother who has owned her home for a time and are finding themselves in financial straits.

 

Mortgage companies look at the total assets and liabilities of the family applying for the loan. If you got the mortgage as a part of a unit and are not struggling to make the payments because of a death or divorce you can always talk to the loan officer and attempt to renegotiate the payments and schedule. When a spouse leaves that decreases the total of the assets and the liabilities most often stay the same and in some cases increase. This is when you have to first reassess you liabilities. It helps your case as a single mother to go into the negotiation with a budget and a reasonable repayment offer.

 

BUDGETING

To be fair you will have to make a budget.  And if you are not sure how to accomplish this you can click on this link http://www.bankrate.com/finance/money-guides/free-household-budgeting-work-sheet.aspx or http://www.dirjournal.com/shopping-journal/5-useful-free-online-budgeting-tools/ you will be redirected to sites that offer free budgeting tools and samples of how to prepare your budget. The first step to any budget is to find out how much you are actually spending and what you are spending it on. For one month keep track of all your spending. Even if you buy lunch at work write it down. At the end of this month go over what you spent. You are looking for superfluous expenditures. Some things could be left out of the liability column. Doing this will give you more of your income to devote to your needs.

 

Do not expect that the cutbacks will go over big at first you may have to go from a cable package that has all the movie channels to basic cable. Regulate the time spent on the Internet. Cut back on electrical consumption. This type of thing works better with younger children teens tend to take it a lot harder. Especially since the cell phone usage is one of the first things to need adjustments. You may also have to come to grips with the fact that the house may no longer be affordable for you. Selling and moving to a smaller home in a more economical neighborhood may be your only option.

 

Most budgets look a something like this. Shelter 33%, auto 15%, food 20% by now you are already almost in the red. If you have childcare cost and insurance you may have nothing left for clothing, entertainment and the other small items important to running a household.

 

You Are Not Alone

The national statistics state that at least 35% of households in the United States are Single parent homes. 40% of the homes that are headed by single mother are at or below poverty level. The single mother with incomes that are above the poverty level are finding it just as hard to maintain in these economic times. The prices are constantly going up faster than the incomes. Most single mothers do not care if the help comes from government assistance or donations form private organizations and individuals. All they care about is that they get to keep or buy their homes.

 

HUD – the Department of Housing and Development is a great resource for would be homeowners and single mother mortgage holders alike. They offer a lot of free help in all financial areas. You can contact them at http://portal.hud.gov/portal/page/portal/HUD. If you qualify for their loan guarantee program you may find it easier to get that loan you need.

 

The HOME program – This is a program that assist new home owners with funds for their down payment. You must meet the income criteria as well as being a single mom.

 

Habitat – Habitat for Humanities is an excellent option for single mothers who are trying to get a home. Follow the link to find the offices nearest you. http://www.habitat.org/cd/local/

 

States usually have assistance programs specifically for their residents you should look into this aspect as well. you may also want to speak with a person that writes grants for a living. They have the inside scoop on what grants may be available and some of them will even work for noting as a gift to the neediest applicants. Grants.gov may not have any money to lend but they can point you in the right direction.

 

If you are having mortgage trouble you may also want to speak with someone at http://www.fairhomeloan.org/, they can assist you by helping you to be certain that the actions being taken against you are legal. With the recent “RoboLoan” scandal it might be to your best interest to investigate any action of a foreclosing nature brought against you.

The Homeowner Affordability and Stability Plan offer help in a couple of areas. Single mothers can find assistance here if their initial loans were through the government Fannie Mae or Freddie Mac programs. President Obama introduced this refinancing initiative in 2009.
HOPENOW – This is an organization that is designed to match homeowners with others who might have a vested interest in keeping a single mother in her home. They act as a go between or mediator. Though not a solid financial solution it is a way to keep you in your home while you search for another way.

 

Mortgage Insurer – The insurance company has a vested interest in keeping you in the home. If you have no home they get no premiums it as simple as that. They offer counseling and other services to homeowners it is worth a try.

 

There is always other loan modification programs on the horizon. These can allow homeowners breathing room for at least the next five or so years. One thing you should do is keep the lines of communication open between you and the mortgage holder. Read all incoming mail from them and talk with them about your situation openly and honestly. It does them more harm than good to actually foreclose on a home. Most often they are willing to work out a mutually beneficial agreement with you. Seeing them as the enemy will ultimately be a downfall. Keeping them on your side and in the battle with you can work out better in the long run.

 

CONCLUSION

Hard times can happen to anyone at anytime. Even if you failed to plan for them initially it may not be too late to salvage your situation. Single mothers have it worse than most but with a little effort you can find those willing and able to assist you with your mortgage. It will take effort on your part and extreme patience but it can be done. When you decide to make a search keep accurate records pertaining to who you spoke with, sites you visited and the outcome of each. This will help you narrow down the field of prospect in an orderly manner. Hey, you could even start a blog about your searcch and include that information. There are others doing the same search and your information could be helpful to them. This could also turn into a money making venture. You could use the blog for affiliate marketing and actually earn the extra income you need to save your home.

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