If foreclosure feels like a storm brewing over your home, don’t panic—there are plenty of lifeboats available in El Paso. From government programs to local nonprofits, here are the top five foreclosure prevention programs in El Paso that can help you stay afloat.
1. HUD-Approved Housing Counselors
The U.S. Department of Housing and Urban Development (HUD) offers free or low-cost housing counseling through certified agencies in El Paso. These counselors can help you understand your options, negotiate with your lender, and create a plan to avoid foreclosure.
How They Help:
- Assess your financial situation
- Explore loan modification options
- Provide budgeting advice
2. Texas Homeowner Assistance Program
This state-funded program provides financial aid to eligible Texas homeowners struggling with mortgage payments due to hardships like job loss or medical emergencies.
Eligibility Includes:
- Owning a home in Texas
- Experiencing financial hardship after January 2020
For details, visit the Texas Homeowner Assistance website.
3. Local Nonprofit Assistance
Organizations like Project BRAVO in El Paso offer programs to help families avoid foreclosure. They can provide emergency assistance, financial coaching, and support services tailored to your needs.
How to Reach Them:
- Contact Project BRAVO for assistance with utility bills or housing-related issues.
4. Mortgage Forbearance Programs
If you're experiencing temporary financial hardship, many lenders offer mortgage forbearance programs. These allow you to pause or reduce payments for a set period, giving you time to regain financial stability.
Pro Tip: Be sure to communicate openly with your lender to understand repayment terms once the forbearance period ends.
5. Community Action Agencies
El Paso's community action agencies provide emergency housing assistance, including rental and mortgage support. These agencies often collaborate with local nonprofits and government programs to help families in crisis.
Example Program:
- El Paso Community Action Program (EP-CAP)
Taking Action Now Can Make All the Difference
The key to stopping foreclosure is acting early. Explore these foreclosure prevention programs and don’t hesitate to reach out for help—it’s available, and it could save your home.
If you’re curious about how selling your home might help you avoid foreclosure, see how our process works for making a fair cash offer here.
