Are you searching for a grant that will allow you to pay off your credit card debt? Who wouldn’t like to be able to apply for a grant that would enable them to be debt free! In fact, all you have to do is type the words “credit card debt grant” into a search engine to find dozens of sites that promise to find you money from the government that will help you to pay off your credit card debt. Well, would you like the good news, or the bad news?
The Good and Bad News about Credit Card Debt Grants
The bad news is that there is no one grant (from the Federal Government or anywhere else) that has been designed specifically to help you eliminate your credit card debt. But before you give up, you may want to hear the good news; there are alternatives to just giving up or going into bankruptcy, including a number of programs that are sponsored with money from the Federal Government.
What Programs are Available?
There are a number of debt relief programs available out there for people with demonstrable financial needs. These include things like student loan consolidation programs and mortgage debt relief programs. While neither of these are earmarked programs for credit card debt relief by taking advantage of them you can free up enough monthly money to enable you to take care of your credit card bills with relative ease. Let’s take a look at some of the government debt relief programs.
MHA and HAMP Mortgage Relief Programs
The best debt relief is found in government assistance for mortgage debt. This is especially true if you are nearing foreclosure. The United States Department of Housing and Urban Development has developed some excellent programs that can help bail out homeowners who are in danger of losing their homes.
Available since 2009, these programs have gone through several re-writes that have streamlined the application and qualification process. But in a nutshell they are designed to help the homeowner refinance their home or modify the mortgage in order for it to be more manageable. The exact specifications, requirements and qualifying factors can be found on the website.
There is just one problem with these programs, and that is if a significant amount of money is saved by going through them, that money can actually cause problems for the homeowner when the taxes come due, which is where the next program comes into play.
IRS Debt Cancellation for Mortgage Forgiveness
If you do go through a program that enables you to save a significant amount of money on your mortgage you may then qualify for IRS Debt Cancellation through the Mortgage Forgiveness Debt Relief Act. This program enables you to write off the money that you saved through the other government programs so that you are not penalized on your taxes.
For More Information on MHA and HARP
For more information on the IRS Debt Cancellation