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- Obama Extends the HARP Refinance Program for 2013
- IRS Supplies Guidance on Home loan Modifications
- Indiana State Mortgage Help for Those in Danger of Foreclosure
- Mortgage Assistance Available in Oregon
- Wisconsin Mortgage Assistance Programs
- How to Write the Mortgage Hardship Letter
- CHFA EMAP Program for Homeowners
Mortgage Help for Rhode Island
There are few anxieties that hit harder than the possibility of losing your home. If you have a family and children, multiply that by a hundred. Tens of thousands of homeowners and families are going through that ordeal right now in Rhode Island. However, if you are one of the million plus residents in Rhode Island you can be grateful to live in a state with one the best mortgage aid programs in the U.S.
This series of articles will look into the mortgage aid programs available in Rhode Island and what steps you should take to make the most of them and save your home from foreclosure. It will also look at educational campaigns like “Don’t borrow trouble” and “Fair Housing Rhode Island” sponsored by the state government.
However, the first piece of advice, whether you live in Rhode Island or Texas is to act quickly. At the end of these articles we provide links to the programs and agencies that can help you. If you are struggling to pay your mortgage contact them quickly. More importantly, contact your lender as soon as possible and ask for help. Help is available for many borrowers find out if you are one of them.
Rhode Island Housing
Rhode Island Housing is a self-sustaining public agency which works with its own income. This means that no tax dollars are used to provide the mortgage aid programs they offer. Income is generated by selling tax-free bonds. Rhode Island Housing is a shining example of what can be done with a little vision and creativity to provide practical help without asking for charity or charging extra taxes. It works similarly to the California Housing and Finance Administration, although unlike the Californian agency it does not only focus on first time buyers and rentals.
Rhode Island Housing has served the residents of Rhode Island for more than 30 years. They provide low interest mortgages, grants, counseling and education to people who want to buy a home, rent one or modify an existing loan. According to the agency more than 60,000 families have bought a home thanks to their programs. They have also financed the building of over 14,000 to rent to low and medium income Rhode Islanders. The beauty of this agency is that it doesn’t only sell mortgages, and modify loans it also invests in the homes of borrowers to make them safer and healthier to live in. In the last thirty years they have invested over three billion dollars in renovating the homes.
What I like about this housing agency is that besides not using tax dollars to work it is a good business. It has won thirteen national housing awards and has earned the Standard & Poor’s “Top Tier” investment. It is not a charity in the traditional sense but a profitable company that reinvests all its profits and net worth in helping low income Rhode Islanders.
But enough of the marketing spiel let’s get into what programs you can apply for.
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