State Mortgage Assistance Plans–Will Hardest Hit Fund Allow State Housing Agencies To Provide Affordable Mortgage Aid Programs?

Mortgage assistance plans have been offered through various state housing agencies and departments with the assistance of funding from the Hardest Hit Fund, which was established to aid homeowners who live in states which were seeing a high amount of economic trouble. These states, in most cases, are those which were chosen because they may have had particular difficulties related to unemployment or the loss of property values, which obviously have translated to trouble for homeowners when it comes to making their mortgage payment.

Some of the states which have been particularly troubled and given assistance through the Hardest Hit Fund are those like California, Florida, Michigan, North Carolina, and Ohio. These states received some of the highest amounts of funding in order to establish plans which will allow their homeowners to work with state housing agencies in the hopes of finding solutions to their mortgage troubles.

It’s hoped that unemployment solutions and underwater mortgage assistance can be made available to homeowners in all the states covered by this assistance program, and there is evidence that some states are moving swiftly to offer homeowners a more affordable mortgage payment option.

As an example, California has implemented a program called Keep Your Home, which sets out to address issues like the need for principal reductions or assistance to homeowners who are unemployed.

Some states may be able to offer limited mortgage assistance in some cases, yet funding has been provided to the offer further-reaching assistance opportunities for homeowners who may not have benefited from or may not qualify for opportunities like the Making Home Affordable modification program.

Source