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  • Wisconsin Mortgage Assistance Program

    Foreclosure rates have reached an all-time high in the Unites States and in the state of Wisconsin. Every homeowner’s story is different, but in the end they all feel the same: frustrated, angry and possibly even helpless, in addition to many other emotions. If your financial situation has recently declined due to job loss or some other reason and you are facing foreclosure, you should be aware that there is Wisconsin mortgage help available and you don’t have to simply allow your mortgage company to reclaim the home that you have worked so hard for. Here are some options for you if you are interested in taking advantage of the various types of Wisconsin mortgage assistance programs available:
    If you have attempted to negotiate with your lender on your own yet have failed to reach an agreement, a Wisconsin Circuit Court Judge has approved the implementation of a special program which consists of volunteer mediators who will mediate on your behalf, provided the mortgage company agrees to participate.
    A professional mediator can assist you in negotiating a modification in your loan that will enable you to pay lower payments or assist you with regaining control over your mortgage payments in some other manner. The mediator can also persuade the lender to agree to waive any applicable fees, including loan revision fees as well as late or delinquent charges.
    Housing and Foreclosure Assistance
    With the intent of preventing foreclosure within the state of Wisconsin, several non-profit organizations have joined forces with participating government agencies to form the Dane County Foreclosure Prevention Taskforce. This group of individuals’ goal is to provide Wisconsin government mortgage help to eligible homeowners. This program can assist individuals through prevention, intervention and then stabilization.
    Direct Assistance from Mortgagers
    The state of Wisconsin has negotiated deals with some specific lenders in order to help individuals who are at risk foreclosure. Bank of America has agreed to revise the loans of some homeowners facing foreclosure, and they will also waive the usual loan modification fees. In addition, Bank of America has dedication over $40 million dollars toward assisting struggling homeowners. Furthermore, this particular lender has agreed to waive any early pay-off fees in the event that a borrower decides to refinance their home.
    JP Morgan Chase, another major home lender, has opened a new center that provides housing counseling to individuals in your situation. This new center is staffed with specially trained foreclosure prevention counselors who will meet one-on-one with borrowers and provide them with free advice as well as assistance.
    Other Sources
    There is also the option to visit your local county social services office. No matter which county you live in, there are funds set aside in order to provide relief in situations involving a financial crisis. As long as you’re able to show proof that you are at risk of foreclosure, the Department of Social Services will ask that you complete an application and interview before deciding if you qualify for assistance or not. Assistance is typically available to those in certain income brackets, but if you make more than minimum wage, it is certainly worth a shot to apply and see if you’re approved. Any assistance that you can receive with catching up on your mortgage payments brings you one step closer to the end of your financial problems. Furthermore, homeowners have even requested assistance from their place of worship, and many churches will take up a special collection if they are aware of your particular circumstances.
    Obviously there are various resources available throughout the state of Wisconsin that can provide you with the assistance necessary to keep your home in the event foreclosure is imminent. Many agencies that provide Wisconsin mortgage help will also refer you to other agencies that can assist with job training and placement as well as assistance in other ways. If you require further assistance, simply ask your housing counselor, who can hopefully refer you to the appropriate agency that can give you the help that you need.

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