With the ups and downs of the economy, homeowners can have struggles paying their bills. In the past, the Home Affordable Modification Program or HAMP Program was available to help homeowners avoid falling into default and eventually into foreclosure. Now that this program is no longer available, homeowners have to turn to other ideas to find solutions to paying important bills.
Turn to the government
One possible solution for all homeowners who are in financial jeopardy is the government at all three levels: federal, state, and local. There are assistance programs available for people who need it. These programs can help in a variety of areas, from reducing mortgage interest rates to providing assistance for paying utilities, child care expenses, and health care expenses. There are also programs that tap into disability and/or social services money, too. These programs will help homeowners get more time before banks begin procedures to take over mortgages.
Non-profit community organizations
Another possible solution for homeowners who need help with bills is to turn to local non-profit organizations. Non-profit agencies connected to churches or other organizations will help families who need emergency financial assistance. They can also give long-term assistance. Some will also provide financial counseling and they can also help people find jobs.
Senior citizens who need help paying bills can usually turn to local services that help them pay for medications and other necessities. Parents of young children can usually access the same types of services. If worse come to worse, many organization will also pay for rent or help find free housing services so families can focus on getting their lives together.
Your bank or lender might actually help you
Too many families have less than one paycheck of savings in the bank, so falling behind on paying bills can happen after one extended illness or an unexpected layoff. Fortunately, financial institutions are aware of this status, so they have built programs to help those who need it.
Banks and lenders are able to provide assistance programs to help their customers with credit counseling and other needs. They will not forgive the debt, but if you make the effort to speak to banks and lenders that rely on your payment, you might be pleasantly surprised to see how they will work with you. Some might consolidate loans so you have less to pay each month. They might also refinance high-interest loans. You might also find that your bank will help you pay the bills – or at least part of the bills.
Holiday help for struggling families
Lastly, there are programs that will help people pay bills during the holidays, back-to-school time, and other expensive times of the year. If your children need school supplies, many schools have assistance programs to be sure all children have what they need to succeed in the classroom and at home. There are also programs that help families with financial struggles give their children gifts at the holidays.
School officials usually know where to find programs that help children and in many cases, the schools themselves provide opportunities for all children to have happy holiday experiences. It’s amazing how help at these difficult times can also help families get back on track with paying their bills.