As forbearance wanes, minimal locale-specific aid programs are bridging the gap between now and the anticipated launch of HomeHelpMN later this spring.

As the wide-ranging impact of COVID-19 reaches the two-year mark, homeowners facing related financial difficulty still have options.

Forbearance – Mortgage forbearance allows payments to be temporarily deferred. At this point, at least six months of forbearance are available to households impacted by COVID-related income loss, which have not previously taken advantage of this tool. For those that have already enlisted forbearance, the maximum total timeframe available can be up to 18 months. A foreclosure advisor can help you determine whether forbearance is available to you, and if you’re already in forbearance, how long it will remain available to you. Advisors also can help you formulate a forbearance exit plan.

Homeownership Preservation Programs – A few metro jurisdictions are operating Homeownership Preservation Programs, with administration being executed by the Homeownership Center. They provide support to homeowners who are past due on their mortgage or other housing expenses. Support includes foreclosure prevention advising, and potential financial assistance from limited fund pools. You must be able to demonstrate you can pay your housing expenses moving forward in order to be eligible for relief. Not all homeowners will qualify for financial assistance. Some programs are currently running wait lists due to limited remaining funds.

Mortgage Assistance Grants – Washington County is offering a mortgage assistance grant program for county residents. The program includes foreclosure prevention advising and up to six months of delinquent eligible housing payments. Full information is available here.

HomeHelpMN – This state-level homeowner assistance program is currently expected to launch during the second quarter of 2022. HomeHelpMN will assist Minnesota homeowners who have experienced an economic hardship during the pandemic and have fallen behind on their mortgage or other home-related expenses. Homeowners will need to have incomes at or below 100 percent of the Area Median Income (AMI) for their county (or 100 percent of the national median income, whichever number is higher).

Foreclosure Prevention Advising – Foreclosure prevention advising from the Center’s Homeownership Advisors Network is always free of charge and available to anyone. We’ve helped nearly 40,000 Minnesota households avoid foreclosure since 2008. Click here to find a foreclosure prevention advisor near you.