Home Saver Program

There could be some good news for struggling homeowners in Mississippi.  If you are unable to pay your mortgage because you've lost your job, or had your hours cut, you could be eligible for a special program.

The Home Saver Program offers financial assistance to qualified participants for one year.  The money can be extended to two years, if you go back to college to get a degree or enroll in a certificate program.

The money is available through the Mississippi Home Corporation.

When Penny Burnet was laid-off, she worried about how she was going to pay her mortgage.

"I’ve never had to take advantage of any government assistance.  I got on food stamps.  And, it's 59-dollars a month, which you can buy food, bread and milk," explains Burnet.

She struggled for more than six months before finding out about the Mississippi Home Saver Program.

"I was in a very bad place,” recalls Burnet.

She decided to enroll in the graphic arts program at Mississippi College.

"I interviewed with a company and they told me, 'Sweetheart, if you don't go back to school and learn how to use a Macintosh, you're not gonna find a job in the field,'" remembers Burnet.

Burnet must maintain a 1.75 GPA, if she wants to keep receiving the monthly mortgage check.

"This program only covers the house for two years, so I’ve got to figure out how I can make enough money to support me for that third year," expresses Burnet.

Burnet says a lot of people think the home saver program also pays for you to go back to school.  But, it does not.  It only helps the qualified participant pay their mortgage.

Scott Spivey with the Mississippi Home Corporation tells News Channel 12, if you think you will be late on your next mortgage payment, contact his office immediately.

"This is not a loan, this is a grant.  This does not have to be paid back.  But, if you wait too long, you could miss your window of opportunity," warns Spivey.

Spivey says once a participant gets a job, even if it's sooner than expected, then the exit process begins and the individual starts taking over their payments again.

The Home Saver Program started nationally in 2010.  Mississippi is one of 18 states plus the District of Columbia receiving federal grant money to help homeowners.  Mississippi has already received a little more than 100-million dollars to help residents.  There are about 100 homeowners already approved for the program, which started in Mississippi earlier this year.

For more information on the Home Saver Program click here.