Relocation Assistance

Relocation Assistance

After exhausting all foreclosure prevention methods, you may find yourself worried about where you will live after the home is repossessed. Homeowners with limited resources may find obtaining the funds necessary to pay rent, deposits and moving costs. Fortunately, relocation assistance is available through the government and private organizations to help homeowners get back on their feet.

The Home Affordable Foreclosure Alternatives Program gives up to $3,000 towards relocating. Homeowners who complete a short sale or deed in lieu of foreclosure are eligible for assistance. To qualify for the program, you must be approved for the Home Affordable Modification Program but unable to afford the modified mortgage payment. Homeowners who miss a payment or do not finish out the trial modification period also are eligible. The home must be your primary residence, with a mortgage exceeding 31 percent of your income. Your lender must approve your request to sell the home or give up ownership rights.