How Homeowners Are Getting Mortgage Payments Help
It isn't uncommon for people to need mortgage payments help. Whether you experienced a decrease in income for whatever reason or you were hit with an emergency, sometimes paying for your mortgage can be difficult. The good thing is there are plenty of ways in South Carolina to get the mortgage payments help you need. Here are three of those options to get your mortgage paid.
3 Options For Getting Mortgage Payments Help
If you run the risk of missing a mortgage payment, then you may need mortgage payments help. Now, generally speaking, a mortgage provider may let you pay a little bit late with few negative effects. For example, you may get a note on your credit report, or you may have a late payment fee. However, it is nothing too intense.
If you can get yourself back on track quickly, then the problem is easier to deal with. The real issues come when you are constantly missing payments. The more payments you miss, the more likely you are to need help with your mortgage payment. After all, you don't want to run the risk of losing your home, right? That is where these options can help you out.
1. The South Carolina Homeowner Rescue Program
Up first to get you mortgage payments help is the South Carolina Homeowner Rescue Program – or the SC HRP. This is a federally-funded program established to get homeowners financial assistance. This is specifically for those homeowners with financial problems brought on by the pandemic beginning before January 21, 2020. This program covers things like:
- Mortgage payments.
- Mortgage reinstatements.
- Delinquent property taxes.
- Delinquent utilities.
- Government or nonprofit down payment assistance loans.
Just like with any financial program, there are qualifications you need to meet. First, you must be a South Carolina resident who owns and occupies a property. This property must be located in South Carolina, be your primary residence, and be one to four units. This means it is specifically a single-family detached or attached home, a condo, or a mobile or manufactured home.
Now, when it comes to your income, your household income must equal to or be less than 150% of your area median income or $79,900 per year. And the last qualification you must meet is you must not have received the same help from another federal, state, or local source.
2. South Carolina Mortgage Help Program (SC HELP)
The second option you have to get mortgage payments help is the South Carolina Mortgage Help Program – or the SC HELP. This program helps South Carolina homeowners who are struggling to make the mortgage payments while they are going through financial troubles. To qualify for SC HELP, your mortgage trouble must be a result of one of the following issues:
- Loss or drastic reduction of self-employment income.
- Catastrophic health-related expenses.
- Death of a spouse
SC HELP may be able to help you catch up on missed mortgage payments or help you make monthly payments on your other expenses while you work to get back on your feet. The good thing about this program is there are no household income limits to keep you from qualifying.
3. Use An Installment Loan To Help
One option considered by homeowners that need mortgage payments help would be an installment loan. This is an unsecured loan where, if you qualify, you can borrow a small sum of cash that will be paid back in installments. They are very similar to a bank loan, although they tend to be available much quicker.
For example, with us at Carolina Title Loans, Inc., if you are approved for an installment loan, you could have the cash as soon as the same day – which can then cover your short-term mortgage needs. Obviously, if you are missing several mortgage payments in a row, then you will likely need to get to the bottom of why you are missing so many payments.
There are certain required items you need to have in order to get through our process. Also, keep in mind that we will run a quick credit check for this kind of loan. This is so we can get an idea of your ability to repay the loan. In order to obtain an installment loan through Carolina Title Loans, Inc., you will need the following:
- A government-issued photo ID.
- Your most recent paystub.
- A statement from a checking account in your name.
Once you have the documents to hand, you can start the inquiry process. Just go on our website and fill out the online form. That form allows the nearest South Carolina installment loan location to get in contact with you. They will set an appointment for you to come in and finish the process. If you get approved, you can finish the paperwork and get the money either the same day or the next.
Get The Mortgage Payments Help You Need, Today
It is important that you don't let mortgage payments go late. This can have a huge impact on your life. If you have a payment due on your mortgage and you are struggling to cover it, then any one of our three options can get you mortgage payments help today. And if you decide an installment loan can help, get started by filling in that short form on our site.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.