The American Bankruptcy Institute recently highlighted that average long-term mortgage rates are at their highest levels since mid-March, citing an Associated Press report. According to Freddie Mac, a 30-year fixed-rate mortgage averaged 6.79% as of June 1, 2023, up from 6.57% just a week earlier. A year ago, that number sat at 5.09%. In addition, a 15-year fixed-rate mortgage averaged 6.18% on June 1, up from 5.97% a week earlier and 4.32% at that time a year ago. While added interest makes monthly payments soar for first-time buyers, this also affects existing homeowners with adjustable-rate mortgages set to hit an adjustment period. Refinancing might not be the answer, but loan modifications or bankruptcy could help prevent foreclosure, short sales or other instances of financial distress. In certain cases, a lender may offer the ability to alter the conditions of the original agreement through a loan modification. Alternatively, bankruptcy has multiple…
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Homeowners residing in the states of Kansas and Missouri impacted by the COVID-19 pandemic can take advantage of homeowners’ assistance funds programs. Launched in 2022 with nearly $60 million in American Rescue Plan Act funds, the Kansas Homeowners Assistance Fund (KHAF) helps Kansas households get current on their mortgages and avoid foreclosure. It also provides assistance with property taxes, homeowners’ insurance and energy costs. Meanwhile, for those seeking financial relief on the Missouri side, the Housing Assistance Program (HAP) assists low-income and disabled people located within the Kansas City metro area. The HAP supplies information on emergency housing, transitional housing and rental subsidy programs for those who qualify. Participants of the HAP must meet medical disability requirements and be referred to the program by a case manager. Sader Law Firm attorneys who specialize in foreclosures are ready to help put a halt to your foreclosure situation. We can assist in…
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A new partnership between the city of Kansas City, Missouri, and the Missouri Housing Development Commission (MHDC) will continue to aid those facing housing insecurity through the distribution of $25 million in additional emergency rental assistance funding for residents facing financial difficulties. Through late December, the city distributed nearly $16 million of allocated Missouri Emergency Rental Arrears Program (ERAP) funding to about 3,600 households. The additional $25 million will be distributed as quickly as possible through the city’s service partner provider agencies, according to a press release from the city of Kansas City. Those needing assistance can visit the city’s website to find out more or to apply for assistance in paying rent and/or utility bills. ERAP funding represents just one option to address the houseless crisis and housing insecurity issue millions face, with the ongoing COVID-19 pandemic only exasperating the issues. If you are behind on payments or fear…
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