A new foreclosure assistance program, called the Homeownership Grant Assistance Program (GAP), is now available in Delaware. The goal is to help homeowners who are facing a foreclosure filing. The million dollar grant program, which was created as the result of a partnership between the Delaware DSHA and the Department of Health and Social Services, is currently funded through the American Reinvestment and Recovery Act (ARRA). If you are struggling to keep your home, you may be eligible for a free cash grant of up to $5,000. This money can be used to help you avoid a court ordered foreclosure.
There are usually conditions or requirements that must be met in order to use a program. Eligible applicants must be at risk of homelessness, have a dependent child, meet certain income requirements, and have experienced a specific crisis or episode of need. Interested homeowners can apply to the Delaware State Housing Authority for the Homeownership Grant Assistance Program.
The state government has said that this is yet another way to combat foreclosure. Thousands of homeowners across the state are facing financial hardships through no fault of their own. The housing crisis has had a ripple effect on surrounding homes, causing values to drop. By foreclosing on fewer homes, it is hoped that neighborhoods will begin to recover. There are other ways to get help with your mortgage by calling the number below.
Who do I contact about the Homeownership Grant Assistance Program (GAP)?
The state government is working with many non-profit partners to prevent foreclosures through numerous programs. They are always working to identify new sources of funding to address this housing crisis. This money from the government is helping a lot of people keep their homes during a time when many people are losing theirs.
If you are in danger of defaulting on your mortgage or have already fallen behind on payments, it is important to contact a HUD-approved Housing Counseling Agency in Delaware. These organizations can provide you with information about the options and resources available to you.
You can learn about the assistance you can receive from the Delaware Homeownership Grant Assistance Program by calling (800) 220-5424.