The coronavirus pandemic has put most people into some financial hardships. Alderman Khalif Rainey wants homeowners to be aware of all the mortgage assistance programs available to avoid foreclosure during the pandemic.
"I encourage all homeowners to take advantage of these resources and protect themselves from foreclosure as soon as possible," said Rainey.
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Below are a few programs that offer assistance:
Federal loan programs:
- CARES Act Mortgage Forbearance: The CARES Act and the guidance from the GSEs, the FHA, the VA, and the USDA, prohibit lenders and servicers from foreclosure through at least Dec. 31.
- Wisconsin Housing and Economic Development Authority (WHEDA): WHEDA is monitoring federal and state channels for updated guidance and relief measures to prevent foreclosures.
- Milwaukee County residents can apply for payment distribution plans from Housing Resources, Inc. (HRI):The Mortgage Assistance Program is to aid in foreclosure prevention by providing emergency assistance in the form of a grant on behalf of Milwaukee County homeowners who are delinquent in their mortgage payments due to job loss or reduced work hours and wages as a result of the COVID-19 pandemic.
- Housing Counselors certified by the U.S. Department of Housing and Urban Development
- Legal Aid Society of Milwaukee: Legal Aid Society of Milwaukee provides foreclosure defense.
- Legal Action of Wisconsin: Legal Action of Wisconsin gives legal advice on housing law, including foreclosures.