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Mississippi Home Corporation's Home Saver Program

The Mississippi Home Corporation received federal government Hardest Hit funds to create Home Saver. The primary goal of Mississippi’s program is to help homeowners who have had a reduction in wage or salary income from a job loss or underemployment to retain their homes while they seek reemployment. A second goal is to support individuals who return to school to improve their job skills which will lead to higher wage jobs and greater financial stability.

The program is open to home owners who have lost their job or experienced a reduction in income through no fault of their own due to the economy or other events affecting their employer and are at risk of default and losing their home to a mortgage foreclosure. Home Saver will make mortgage payments for a limited time while the owner looks for work or attends school.

Home Saver is designed to help individuals who previously had documented wage and salary income and whose documented unemployment is due to action by their employer to reduce hours, eliminate their job, or close.  Eligibility does not depend on the reason the employer took action.  

Examples of job actions taken by the employer creating eligibility for Home Saver:

1.  Employer eliminated job to cut expenses and operating costs.

2.  Employer reduced work hours.

3.  Employer was purchased by another company and eliminated the job.

4.  Employer went out of business.

5.  Action the employer took because of:  a decline in sales due to the recession, flooding or tornado that destroyed a facility or affected sales, or the oil spill in the Gulf that affected consumer demand for seafood products, tourism or related activities.  

Not eligible for Home Saver are persons who left a job due to personal choice, individual life changes, health, or individual family reasons.   A decline in investment earnings or non-job income supplements (e.g. Social Security, Supplemental Security Income, or Temporary Assistance to Needy Families) does not qualify you for Home Saver because these are not wage and salary income.

Participants have three options: Mortgage Assistance and Mortgage Assistance – Education Option and Reinstatement Only.

The participant must choose the Education Option at the time they apply for Home Saver. Documentation must be supplied that the applicant is enrolled or is accepted for enrollment at an eligible education institution.

Mortgage Assistance 

Home Saver gives homeowners the time to find gainful employment and to increase their household income without the worry of foreclosure. The program also assists homeowners in bringing their delinquent payments current.

  • Homesaver will make a one-time payment of mortgage delinquency to bring the mortgage current. This includes fees and penalties accumulated during a period of unemployment or underemployment 
  • Home Saver will pay 100% of the monthly mortgage for a minimum of 6 months and up to 24 months while the homeowner looks for work.

Mortgage Assistance-Education Option 

Homeowners may enroll in a community college or 4-year institution at their own expense to improve their job skills. The Education Option provides additional months of assistance beyond the basic assistance available under Mortgage Assistance alone.  

  • Homesaver will make a one-time payment of mortgage delinquency to bring the mortgage current. This includes fees and penalties accumulated during a period of unemployment or underemployment 
  • Home Saver will pay 100% of the monthly mortgage for a minimum of 6 months and up to 24 months while the homeowner is in school.
  • If the home owner’s education plan takes longer than 24 months, Home Saver will pay up to an additional 12 months mortgage assistance.
  • After the owner completes education, up to 6 additional months mortgage assistance while looking for work if the home is located in one of 65 counties (click here for income limit pdf) identified by Mississippi Home Corporation as distressed under the program.  

Reinstatement Only

This option assists homeowners that have fallen behind on their mortgage and need assistance to catch up their payments.  They must have returned to work and be able to sustain the mortgage going forward. 

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