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| HELP Loan |
If you have a MSHDA mortgage and have encountered a situation which has made it temporarily difficult for you to make your mortgage payments, we encourage you to contact one of MSHDA's Homeownership Counseling Agencies to discuss MSHDA’s HELP Loan, or other assistance that may be available to you.
Our HELP Loan is an emergency assistance loan available if you have a MSHDA mortgage and have experienced a non-recurring event or crisis which temporarily prevents you from making your MSHDA mortgage payment. This loan may be used for: |
- The amount delinquent on the mortgage.
- The cost of the non-recurring event or crisis which resulted in you being temporarily unable to make your mortgage payments.
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| The HELP Loan is limited to a lifetime maximum of $3,000 and is a non-interest bearing loan (you never have to pay interest on this loan). Repayment of the HELP Loan is required when any of the following occur: |
- The property is sold, transferred or otherwise conveyed, voluntarily or involuntarily, either while the mortgagor is living or upon their death.
- The property ceases for any other reason to be the mortgagor’s principal residence.
- The mortgagor defaults in the terms or payment of the MSHDA 1st mortgage.
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| You should work with your mortgage servicer to determine if there are other options that may be able to assist you in bringing your mortgage current without an additional lien on the property. These can include, but are not limited to |
- Loan Modification
- Forbearance Agreement
- Partial Claim
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| For more information on MSHDA’s HELP Loan, or to discuss your options with one of our housing counselors, contact one of the homeownership counseling agencies serving your county. |
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