How do I know if I qualify for this program?
HPOAI helps individuals who are going through or have gone through foreclosure remain in homes. Our participants have a stable income – through employment, Social Security Insurance, a pension or disability insurance – but are unable to make monthly mortgage payments.
Can I apply for help through the HPOAI program if...
...I lost my job?
Only if you have another source of steady income – such as Social Security Insurance, a pension or disability insurance – or a family member living with you, with whom you can apply for the program. Without steady income, we cannot move forward with your application.
...I have a low credit score or have filed for bankruptcy?
Yes.
...My home has not yet been foreclosed but I can't make monthly mortgage payments?
Yes, you can apply for our program if your home is about to be foreclosed because you can no longer afford your current mortgage payments.
...I'm able to make monthly payments but my house is currently worth less than what I paid for it?
Yes, HPOAI is intended for all individuals whose homes are facing foreclosure because they can no longer make their monthly mortgage payments or are severly upside down in equity.
…I have a friend interested in moving in with me to save my home?
Yes, you can apply with a friend as long as s/he is willing to move into the home and live there as a full-time, permanent resident.
Can multiple loans be consolidated through HPOAI ?
If you currently have more than one loan borrowed to finance your home and are unable to meet those monthly payments, you can apply for the HPOAI program.
What happens once HPOAI buys my home from my bank? Can I buy it back? Will it go through the bank that I used? Are there any fees or closing costs? Once HPOAI purchases your home from your current bank, you have two options:
- You can apply for a loan directly from the mortgage company with which we work, OR
- You can obtain a mortgage from another lender. We will still assist in buying your home and will then sell it back to you at a price based on the current market value.
Will the repurchase of my home be a short sale?
HPOAI works with individuals to purchase their homes through short sales, from the bank following foreclosure, or at a foreclosure auction. The way in which the purchase happens depends on each individual’s unique situation.
Is it guaranteed that I can buy my home back from HPOAI ?
For HPOAI to work someone to repurchase a home, several things must fall into place. An individual must qualify for participation – they must be able to afford to make the new monthly payments. In addition, the bank must agree to accept HPOAI ’s offer for the home. Because a successful outcome depends on these factors, we can’t guarantee a purchase will go through until we have a signed agreement from the bank. Once HPOAI has purchased your home from the bank, HPOAI will sell the home back to you.
How does HPOAI afford to help people stay in their homes?
HPOAI doesn’t make grants and we don’t give money away. Most of the money we have is borrowed from individuals, Institutional Lenders and foundations, meaning it must be paid back. Working with the families helped through HPOAI , we ensure that every dollar we borrow is paid back, so our investors will continue to support our efforts. That is why we screen our participants carefully, to ensure that they can make their new payments.
Is there a fee to apply for help from the HPOAI initiative?
No, there is no fee to apply for our program.
How do I apply?
If you meet the criteria for our program, we may be able to help you. Contact our office to learn more about whether you qualify for HPOAI support, and how to apply.
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