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Expedite Homeowners Assistance to Prevent Foreclosures

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If you work for a state that is concerned about the foreclosure moratorium’s end—or are otherwise struggling to distribute aid consistently and fairly—Unqork’s Homeowner Assistance solution can help.

We have reached a critical moment in the U.S. in regards to COVID-19. Over half of the country is fully vaccinated but the daily number of new cases continues to rise in certain areas. While many people are heading back to school and work, the pandemic is not over for a large number of homeowners and renters.

The pandemic has forced more borrowers to be late on their mortgages at rates not seen since the Great Recession. According to the Consumer Financial Protection Bureau, 2.1 million families are behind at least three months on mortgage payments, and homeowners are estimated to owe almost $90 billion in missed payments. Over 11 million families who are behind on mortgage and rent payments are at risk of losing their homes when the national eviction moratorium expired June 30.

A June report released by the Joint Center For Housing Studies of Harvard University examined the ongoing housing crisis. 

  • Household Pulse Surveys from the first quarter of 2021 indicate nearly 40% of homeowners had lost income due to the pandemic, and 9% were behind on their mortgage payments

  • Of the borrowers taking advantage of the full 18 months of forbearance, some 22% would have less than 10% equity after factoring in these deficits 

  • 17% of Black, 16% of Hispanic, and 16% of Asian homeowners were behind on their mortgage payments in early 2021—more than twice the 7% share of white homeowners

  • The share of homeowners making less than $25,000 that were behind on their payments actually increased from 20% in August 2020 to 24% in the first quarter of 2021

The pandemic may be in many Americans’ rear view mirror, but it is clear that, for many, the economic ramifications caused by COVID-19 are long-term. States may be “open” again, but distributing mortgage relief is still a critical concern for local and state governments and the residents they serve.

With so many internal and external organizations involved, I know that it is vital to identify a solution that will keep people in their homes, help families and neighborhoods recover from the impacts of the pandemic, and enable economic growth.

Government agencies are searching for a solution that could handle the process and workflows to efficiently administer huge amounts of mortgage relief funds. These processes are very complex, and a running list of compliance and regulatory requirements makes it tough to distribute funds quickly. With so many internal and external organizations involved, I know that it is vital to identify a solution that will keep people in their homes, help families and neighborhoods recover from the impacts of the pandemic, and enable economic growth.

Luckily, Unqork is automating these complex processes and workflows to enable local and state governments to virtualize mission-critical services. With our Homeowner Assistance solution, and leveraging the success of other housing assistance case management solutions across 11 jurisdictions, governments can trust an unrivaled ability to bring automation, configuration, scale, speed, and seamless communication between internal and external stakeholders—all under one platform. 

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States are already investing in this end-to-end flexible, long-term solution that adapts as needs adapt. With unprecedented analytics and data gathering, agencies can improve case review productivity, enabling case managers to efficiently distribute different types of relief based on need and better prevent fraud. This ensures funds for the people who need it most.

I truly believe that this solution is a dependable platform that will enable economic recovery. When foreclosures happen, families lose. Unqork is on the front lines of ensuring resilience for these families, giving local and state agencies peace of mind knowing they are able to streamline processes and workflows seamlessly. Digital transformation in government will set constituents up for success by making it easier for people to ask for relief with a few clicks of a button.   

If you work for a state that is concerned about the foreclosure moratorium’s end—or are otherwise struggling to distribute aid consistently and fairly—request a demo to learn how we can help you expedite homeowner relief.

About the Author

Theresa Ward is the Head of State and Local at Unqork. Theresa was formerly Deputy County Executive and Commissioner of Suffolk County Department of Economic Development & Planning in New York.

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