A not-for-profit agency covering 12 Northeast Missouri counties is now able to help even more people, specifically those who are struggling to stay in their home.
The North East Community Action Corporation, or NECAC, is offering The Making Homes Affordable Program, which helps those who are having trouble paying their home loans.
This is the first year for the program thanks to a $10,500 grant from NeighborWorks America.
People are eligible if they're delinquent or in danger of falling behind on loan payments and if their mortgage was obtained before January 1, 2009.
"I think there's a lot of people who struggle daily," NECAC Official Carla Potts said.
If you qualify, NECAC will then work with lenders on extending loans, reducing the interest rate and/or forgiving the principal.
"If they forgive principle, that would not be paid back," Potts said. "If they restructure the loan, if they're behind, they may put that on the back end of the payments. That's all up to that lender/servicer."
Lenders then will be able to determine how much money each family receives.
"What we will help the person is to get all the paperwork in to the lender and/or the servicer and help get to the point where that decision is made," Potts added.
More information about the Making Homes Affordable program is available by calling NECAC at 573-324-6622.
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