A new partnership between the city of Kansas City, Missouri, and the Missouri Housing Development Commission (MHDC) will continue to aid those facing housing insecurity through the distribution of $25 million in additional emergency rental assistance funding for residents facing financial difficulties. Through late December, the city distributed nearly $16 million of allocated Missouri Emergency Rental Arrears Program (ERAP) funding to about 3,600 households. The additional $25 million will be distributed as quickly as possible through the city’s service partner provider agencies, according to a press release from the city of Kansas City. Those needing assistance can visit the city’s website to find out more or to apply for assistance in paying rent and/or utility bills. ERAP funding represents just one option to address the houseless crisis and housing insecurity issue millions face, with the ongoing COVID-19 pandemic only exasperating the issues. If you are behind on payments or fear…
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If you have fallen behind on your mortgage and are facing the prospect of foreclosure, this blog can help you decide on strategies to save your home. Depending on your situation, a loan modification may be available through your bank or the federal government. However, using a loan modification to prevent foreclosure can be a risky choice. To be eligible for a loan modification, you generally have to be behind on your mortgage. Some people intentionally stop paying their mortgages to become eligible. In other cases, your lender may request lower payments (also called trial payments) while they determine your eligibility. These are partial payments and may not meet the minimum obligation on your mortgage. If your request for a loan modification is denied, your mortgage may be put in arrears and you may owe late fees for missed or partial payments. Having your loan modification request denied means you…
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The bills are mounting up and creditors are calling. You skip a mortgage payment to try and catch up. Before you know it, you have missed three mortgage payments and you receive a “Notice of Default” and your home may be entering the foreclosure process. Both carry the ominous news that your lender has begun the foreclosure process. You may be in danger of losing your house. You wonder if filing for bankruptcy will be the answer. Filing a bankruptcy petition will trigger an automatic stay of collection action. In order to proceed with the foreclosure during the bankruptcy, the lender will have to obtain an order from the bankruptcy court. Whether you can ultimately save your house depends on your financial circumstances and whether you file under Chapter 7 or Chapter 13. Chapter 7 Bankruptcy and Foreclosure Although filing under Chapter 7 will temporarily halt the foreclosure process, it…
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