The City of Orlando created a program to help residents who are at risk of foreclosure. The program will provide a cash grant or one-time financial assistance to help residents keep their homes. There are specific requirements that must be met in order to qualify for help.
The program was not designed to be a charity, and can only help people who are struggling due to unforeseen circumstances. Some of the reasons that could cause someone to have to rely on food banks could include a loss of income, medical emergency, divorce, or some other unplanned for crisis.
The most money that can be given as financial assistance for a mortgage is $7500 and it is based on how much money the applicant’s household makes in total. The amount of money you get will depend on how much money you earn. This means that if you have a higher income, you may not be able to get as much money from a mortgage assistance program.
This means that you do not have to pay any interest on the loan, and you can defer (delay) payments until a later date. This means that the loan does not accrue any interest, similar to a grant. Some people may even call it free money.
If the cash provided does not meet the homeowners need and they go into foreclosure, the loan/debt and the lien will be considered terminated by the city of Orlando. This means that the homeowner will not have to pay anything. The city may take back the entire amount of assistance given to the homebuyer if the property is sold or the owner gets a new, more competitive mortgage or home loan. This means that the homeowner will not have to pay any additional money, but the loan will be paid off through the sale or refinance of the property.
The Orlando foreclosure prevention program works on a first come, first serve basis. This means that the people who apply for the program first will be helped first. This means that if you are struggling to keep up with your mortgage payments, and you live in the city, you may be able to get help from the government.
In order to receive a grant or financial assistance from the program to help pay their home mortgage, Orlando homeowners must reside in the home and provide evidence of the need for the cash assistance. The applicant will need to provide written verification of employment, income, and any benefits the applicant currently receives. This means that people who want to use this service must prove that they can still afford their mortgage payments after the service has been provided.
For more information, apply for the program, or to get additional help, Orlando has partnered with qualified HUD housing counseling agencies and other non-profits in the region. To schedule an appointment with a participating mortgage counselor and to apply, call any of the following non-profit housing agencies. If you need help with your mortgage or credit, you can call the Mortgage and Credit Center at 407-654-8804 or HANDS of Central Florida at 407-447-5686.