The Grand Junction Housing Authority announces participation in a statewide mortgage reinstatement program and modification assistance program.
Local homeowners struggling to bring payments current on their delinquent mortgage loan or qualify for a loan modification after experiencing a financial hardship may now have access to funds specifically for this purpose through two new programs funded through the office of the Colorado attorney general.
Amy Case, director of housing services for GJHA, says these funds are being made available statewide through the distribution of funds received by the Colorado attorney general as part of the multi-state mortgage settlement with major loan servicers announced last year. The deferred payment reinstatement loan (0% interest), limited at $10,000 per participant household, can only be accessed through a HUD-approved housing counseling agency participating in the program, such as GJHA. The same access procedures apply for the modification assistance program, limited at $50,000 per household with similar terms. While all homeowners may not qualify to receive reinstatement or modification assistance funding, GJHA will continue offering HUD-approved foreclosure prevention and default intervention counseling without charge to borrowers in northwestern Colorado. When appropriate, this may also include evaluation for foreclosure sale deferment and/or assistance in completing and submitting loan modification application packages to their lenders.
Anyone interested in learning more may contact GJHA's home ownership department at 245-0388 x219. GJHA also offers complimentary outreach presentations on these programs to local lender and realtor offices.blog comments powered by Disqus