Do You Qualify for Miami-Dade County Mortgage Relief?
If you own your house, then you are in a stronger financial position than most, but struggling to keep up with your mortgage payments is as stressful as falling behind on your rent. The foreclosure notices fill you with dread. You call your mortgage lender and try to negotiate, but there is only so much money to go around. What you really need is a one-time infusion of cash to enable you to buy time. You can accomplish this by borrowing, but then there is another debt to repay, and if you are already in a tough financial situation where you are in danger of mortgage foreclosure, the interest and fees associated with the new loan will be very expensive, if lenders even approve your loan application at all. The government of Miami-Dade County has announced a new program that would give eligible households a one-time grant to stave off mortgage foreclosure. Whether or not you receive this grant, a Miami foreclosure defense lawyer can help you avoid mortgage foreclosure and keep your home.
Miami-Dade County Addresses Housing Affordability Crisis
According to Miami-Dade County Mayor Daniella Levine Cava, Miami-Dade County is experiencing a housing affordability crisis which has been going on since the spring of 2022, when many of the COVID relief programs that had helped South Florida households stay afloat during the pandemic ended. Therefore, the county is offering mortgage relief in the form of $1,500 grants, which recipients can put toward overdue payments on home mortgages, homeowners’ association fees, and utility bills. The goal is to enable homeowners to remain in their homes and retain possession of them.
How to Apply for Mortgage Relief
Homeowners are eligible for Miami-Dade mortgage relief if their household income is less than 140 percent of the area median income (AMI). For South Florida, this means that, if there are three people in your household, your income must not exceed $122,920, and for a household of four people, your income must not exceed $136,500. Priority will be given to applicants over the age of 65, applicants with disabilities, households with children, and applicants that are at least three months behind on their payments. You can only apply for mortgage relief on a house that is your primary residence.
Mortgage Relief Is Only a Temporary Solution
This year’s mortgage relief program is only a one-time payment. In most cases, it is only enough to pay off the overdue balance on an eligible bill, but next month the bills will come due again. Working with a debt lawyer can help you think of long-term solutions to be able to afford to keep your house; this could include debt settlement or filing for bankruptcy protection.
Work With a Debt Lawyer About Protecting Yourself From Mortgage Foreclosure
A South Florida debt lawyer can help you strategize about how to keep up with the payments on your home mortgage after this year’s mortgage relief grant from Miami-Dade County has come and gone. Contact Nowack & Olson, PLLC in Plantation, Florida to discuss your case.