The Alliance for Stabilizing Our Communities is a group that helps people in need. They are funded by Bank of America and other donations. The non-profit organization is targeting its foreclosure assistance programs at multicultural homeowners across the nation who were hit hard by the housing crisis. The homeowners are getting more help so they can keep their homes and not have to go through foreclosure. There are also many nonprofit housing agencies that help African American, Hispanic and Asian American communities that are part of the Alliance.
Some of the agencies that are participating in the event include the National Coalition for Asian Pacific American Community Development, the National Urban League, and the National Council of La Raza. The groups are heading the alliance and mortgage counseling efforts.
The majority of funding is coming from Bank of America. Million of dollars will be given to local markets to help with foreclosures and mortgages. The grant will provide money for counselors to have more training, to make educational materials available in multiple languages, and to create a resource guide. The guide will help communities deal with foreclosure challenges that they might be facing.
The organization will provide its extensive resources and services to a nationwide network of local housing counseling organizations in areas that have been hit hard. They are also making strides to improve communication with struggling homeowners by updating their website and increasing their social media presence One way they will be doing this is by organizing dozens of home retention fairs across the country. They are also making strides to improve communication with struggling homeowners by updating their website and increasing their social media presence.
What type of foreclosure help is offered?
The programs will be specifically designed for communities where a greater number of multicultural homeowners are at risk of foreclosure than the average number of homeowners across the country. The fairs will allow homeowners to meet with counselors from Housing and Urban Development approved organizations and agencies. The services will be offered to homeowners in different languages.
Bank of America will have representatives at the fairs who can help homeowners and nonprofits review loans, explore ways to prevent foreclosure, and determine refinancing, loan modification, or other options. If you are looking for more mortgage programs from Bank of America, click here.
In addition to the services already mentioned, there are other services that will be provided as well. More counselors will be trained to provide better help in local markets. This means that people who are struggling to keep up with their mortgage payments will be able to get help from the Alliance for Stabilizing Our Communities. This help will be available in multiple languages, so that as many people as possible can get the assistance they need. A new resource guide was created to help communities respond to the challenges posed by foreclosures. Counselors can help borrowers find mediation programs. Mortgage mediation is a process where a neutral third party helps homeowners and lenders to negotiate and come to an agreement on a mortgage loan. This can be helpful when the two parties are not able to come to an agreement on their own.
How do I get assistance?
If you want to apply for aid, you will need to bring: -Your most recent pay stubs and income tax returns -A budget of your household expenses -Three months of bank statements -Copy of closing documents and any recent correspondence from your mortgage company -Your most recent property insurance, mortgage statements, and payment history
The foreclosure prevention and home retention initiative is a way for the organizations and Bank of America to help homeowners who are struggling to keep their homes. The program provides resources and counseling to homeowners who are at risk of foreclosure.
If you are interested in learning more about this program or applying, please contact the Alliance for Stabilizing our Communities at 1-866-842-3391.
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