About Grants to Help Stop Foreclosure
There are no grants to help stop foreclosure, but there are federal loan programs available to help homeowners avoid foreclosure. Learn about the FHA Secured Loan Program with help from a financial adviser in this free video on foreclosure and personal finance.
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Hi, my name is Matt McKillen, I'm with Innovative Financial Group. The question posed to me today, "Are, are there grants out there to help stop a foreclosure?" Specifically, I would probably have to say, no, there aren't grants available that's basically a gift of money from a Federal Agency, there are Federal Loan Programs available though to help homeowners either to avoid foreclosure, get out from underneath them. One of them is called the FHA Secured Loan Program which was enacted in the last year. A second program out there is called Hope for Homeowners. It's another form of loan program to try and get the stressed homeowners back onto a loan they can afford and continue to repay. There is a rising toll of foreclosures in the country right now due to declining values and a, and a lot of really bad loans that were made in the last couple of years. So these programs are coming out and they're being back by the government to avoid people from, being foreclosed and losing their home. So just to recap again, they're really aren't any grants or gifts to cure a mortgage. Really what we try to do is we try to modify the loan or look for one of these other programs to get the homeowner into a mortgage that they can continue to repay and afford and get a fresh start. My name is Matt McKillen. I'm with Innovative Financial Group.