Find Help for Homeowners at the Alabama Housing Finance Authority

According to RealtyTrac, a web-based mortgage and foreclosure research firm, Alabama has approximately 300,000 foreclosure defense filings as of January last year. Currently, Alabama ranked No. 40 among all states in the country that has the highest foreclosure rate. To put a stop on this alarming trend, the Alabama Housing Finance Authority is making tremendous efforts in providing help for homeowners, especially those families with low to average monthly income. There are plenty of loan modification programs offered by the same government agency, this includes but not limited to the following:

First Step Housing Program- Funded by tax-exempt loan revenue bonds which gives troubled homeowners a long-term mortgage plan with competitive interest rates. The easiest program to apply to because of its flexible eligibility qualifications. Mortgage Credit Certificates- Provides help for homeowners by decreasing their federal tax liability to save as much cash for their monthly mortgage payments. Rural Alabama Mortgage Program- Offers long-term mortgages with low-interest and principal rates to homeowners living in rural areas. Step Up- This type of program provides moderate income homebuyers a loan that will help pay off the property's down payment. To qualify, you have to provide proof that you can afford the other subsequent costs of buying a new home such as monthly mortgage payment, closing costs, etc. Habitat for Humanity- Aims to award new homebuyers a low-cost house in the area. The Alabama Housing Finance Authority will pay off the Habitat affiliates in a lump sum in order to construct your new house. You will have to pay off the amount paid to your contractor by the AHFA in a form of monthly mortgage payment.

There are other loan modification programs offered by the AHFA, you may contact them at 800-325-AHFA OR 334-271-6785 for inquiries and to help you submit your application. For more information about the different help for homeowners by the Alabama Housing Finance Authority, you may log on to their website at , you will find virtually everything you need in the site and you may also find a debt counselor online to give you sound professional advice regarding your case. For clarifications and assistance, you may drop by at their office or mail them at PO Box 230909, Montgomery, AL 36120. Keep in mind that there are plenty of help for homeowners like you in Alabama; you only need to contact the right people and keep in touch with your mortgage lender during the process. The agencies around you can only provide opportunities to get your loan modified; your lender is still the one in authority whether to accept your request or not which is why you must always keep them informed.