Housing agencies in certain states are getting funding from the Hardest Hit Fund, so that home loan mortgage aid may be presented to homeowners in these states. Numerous homeowners who are facing the loss of their home may be unable to find mortgage payment solutions from home loan modification programs like the Making Home Affordable Program or proprietary home loan modifications, but state-specific mortgage assistance may push foreclosure prevention efforts to reach more homeowners.
For example, the Keep Your Home Program for California homeowners provide similar assistance to homeowners, which may be available through governmental programs. As an example, home loan modification programs, principal reduction options, and unemployment mortgage assistance plans have been proposed and could begin assisting California homeowners in the near future.
Yet, numerous states, like North Carolina have also received funding for mortgage assistance plans to homeowners who face the loss of their property. Again, opportunities from assistance plans like the Home Protection Program may be able to provide specific assistance to North Carolina homeowners who are unemployed or could direct homeowners to counseling agents which may help them find an affordable solution to their mortgage problems.
While these state-specific mortgage assistance opportunities are only available in certain states, there is hope that more homeowners may be reached through these state programs rather than simply dealing with servicers on a national level when seeking aid from the Making Home Affordable Program or proprietary home loan modifications.
Some homeowners through these Hardest Hit Fund assistance plans may receive mortgage assistance if they are unemployed, in need of a principal reduction, or may have a second lien causing mortgage payment difficulties but certain programs are on a first-come first-served basis. For this reason, homeowners are advised to contact their state’s housing agency for more information on the mortgage assistance opportunities that are available in their area.