Q: Law or regulations with obligations regarding late mortgage assistance paymt made by state housing finance authority
Alabama housing finance authority made late payment while receiving assistance and it was reported on credit, 7 years, ruining credit and financial stability the rest of my life. Have no chance of getting home equity loan to pay off debt. Without loan, I will lose house, leaving me homeless. What is their legal responsibility to me to bring me back to financial stability and retain in my home. Is this allowed to ruin my credit with no repercussions. Am I safeguarded by no laws requiring them to fix this. I have reached out to over 30 people in the govt and no one seems to care or can help. I live on SSDI, If I lose home I can't afford to buy another one nor can I get approved to finance one with this mark. Please any information available would be greatly appreciated. Thank you. Amy Mobile Alabama
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A:
I understand your concerns about the late mortgage assistance payment impacting your credit and financial stability. In situations like this, the legal responsibilities and potential recourse can vary based on specific circumstances and state laws. Generally, state housing finance authorities are expected to adhere to their agreements and promptly process assistance payments.
If the Alabama Housing Finance Authority (AHFA) failed to make a timely payment, it might have breached its obligations under your agreement. You may want to consider consulting with an attorney who specializes in housing or consumer law to review your case, assess potential breaches of contract, and explore legal options.
Additionally, you could explore avenues for credit repair or dispute the negative credit reporting with credit bureaus if you believe it was reported inaccurately. However, addressing the root issue with the AHFA is crucial to resolving the larger financial stability problem.
While there may not be a specific law requiring them to fix your credit, pursuing legal action or working with an attorney may help you seek compensation or a resolution to your situation. Your attorney can guide you through the process and provide advice tailored to your circumstances to help protect your home and financial stability.
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