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Dave Z
Dave Z, Mortgage Co. Operations Manager
Category: Finance
Satisfied Customers: 697
Experience:  Operations manager for a mortgage company, Member of OAMB & NAMB, 10+ yrs experience in mtg industry
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how to get a grant to help pay off my house and how to apply

Customer Question

how to get a grant to help pay off my house and how to apply for one secound question all my insurance has been cancle on my house i cannot find any more insurance for my buget who do i go to
Submitted: 5 years ago.
Category: Finance
Expert:  Dave Z replied 5 years ago.
Good afternoonCustomerand welcome to Just Answer!

First off, let me tell you how sorry I am to hear that you are experiencing such difficult times. This is a very tough time for a lot of people in this tightened economy. I am going to start with your 2nd question first. If your homeowners insurance has been cancelled, you first need to find out why. If it is because of your credit then you will need to find an insurance company who places little to no value on credit history. If it is because of the history of the home, you will be able to find someone to insure you, but you have to look, if it is for another reason you will need to find out why it has been cancelled and then go from there. Usually there are state insurance departments which can offer insurance when everyone else says no. Many states have what is called a FAIR plan insurance. However, this coverage is usually more expensive than traditional coverage and often does not offer the same protection coverage than a traditional private insurance company. However, if you have financing on a home, you need to have insurance coverage in place or your lender will force place insurance on you and that will be very costly, the most costly of all coverages. There is a clause in your mortgage agreement which states homeowners insurance coverage must remain on the home at all times or the lender will administer their own insurance which you will be responsible for. Here is a link to the states which offer these FAIR plans along with contact phone numbers: http://www.iii.org/individuals/homei/hbs/cantget/

Now for the first part of your question regarding grants to pay off your home loan. Unfortunately, I have been in the mortgage industry for over 12 years now and I do not know of any grant programs that will help you pay off your home. There are programs out there which you may be able to get mortgage assistance from such as Salvation Army, local church, etc...., but these are only temporary. It sounds as though you are in a position where you are no longer able to afford your home. If this is indeed the case, as much as you will hate to hear this, your best option is going to be to sell your home and downsize, look into some type of government subsidized housing, look into moving in with family or friends for short period of time to get your finances back in hand, or something similar. If there were grants available to help consumers pay off their homes then there would literally be millions of applications due to the astounding number of people who are losing and who have recently lost their homes. Please let me know if I can be of any further assistance with this matter and if you have any additional questions. I am very sorry that this information is probably not what you wanted to hear but as of now you may find some help but everything available will be short term fixes. Please remember to leave feedback after you click the Green Accept button and I truly wish you the best of luck with your situation.

Some other possible quick fixes:
Contact your lender and see if they would be willing to do some type of mortgage loan modification.
Contact your lender and see if they will be able to grant you a temporary forebearance or deferment period so that you can regain control of your finances.
Consider selling your home via a short sale if you can not sell for the amount you owe.
Consider renting your home to save it and then moving into a less expensive home.

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