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Idaho was hit hard by the economic downturn that began in 2007 and is still doing its best to pick up the pieces and rebuild its once healthy economy. One of the keys to recovery is the housing industry, which is why state and federal government are combining forces to give Idaho the housing and mortgage assistance its citizens need.
To illustrate, in February 2010 one in every 296 households were facing foreclosure in Idaho. The United States average for that month was 1 in every 418 household. That represented a 23 percent rise from February 2009 and put Idaho in seventh place in the ranking of states with the highest foreclosure rates.
One of the most effective government programs in Idaho has been Obama’s Making Homes Affordable Program, which has helped over 4,100 households save their home from foreclosure. This does not include the thousands of households with underwater homes (i.e. homes worth less than the value of their mortgages) who used the program to refinance their homes and benefit from the low interest rates lenders are offering.
Local government programs have also lent a helping hand by investing resources from the HUD Neighborhood Stabilization Program. Take for example Boise, the capital of Idaho. The local government offered practical mortgage help by buying 25 foreclosed properties before they affected the house prices of the neighborhood. The homes were then repaired, using workers from rehab programs. Already 17 of the homes have been resold and the funds are being used to fund further programs.
Another local program that is having great results is the Homeownership Voucher Program. This program helps workers who are receiving Section 8 rental assistance to change their rental assistance into homeownership assistance and apply for a local NSP home. To qualify you must have a good credit score, a job and little debt. If you qualify, the government can help you buy a new home by assisting with your mortgage payments.
If you are struggling to pay your mortgage, act quickly. There are local and federal programs there to help you, but they will be no good to you if you have already lost your home.
Contact any of the agencies below and ask for help. They will provide free housing counseling and help you plan a way to save your home from foreclosure.
Foreclosure Counseling Agencies
IDAHO HOUSING AND FINANCE ASSOCIATION
565 W Myrtle
P O Box 7899
Boise, Idaho 83702
NEIGHBORHOOD HOUSING SERVICES INCORPORATED, BOISE
1401 Shoreline Dr.
P.O. Box 8223
Boise, Idaho 83707
MONEY MANAGEMENT INTERNATIONAL, INC. COEUR D’ALENE, ID
2005 Ironwood Parkway
Coeur d’Alene, Idaho 83814
COMMUNITY ACTION PARTNERSHIP
124 New Sixth Street
Lewiston, Idaho 83501-1217
POCATELLO NEIGHBORHOOD HOUSING SERVICES, INC
206 N Arthur
PO Box 1146
Pocatello, Idaho 83204-1146
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