Programs implemented by the Obama Hardest Hit Fund may provide various homeowners in specific states the opportunity to either lower their mortgage costs or find alternative solutions to their home loan payment dilemma. This program, which has provided funding to various state housing agencies is hoped to implement these assistance plans on a more personal level for homeowners in states which have been particularly affected by unemployment and reduction in property values.
Numerous homeowners across the nation have been suffering due to unemployment or cutbacks at their job, and as a result have been unable to meet their financial demands. Cases such as this have necessitated programs for unemployed individuals like the Home Affordable Unemployment Program, but the HHF is hoped to provide a greater depth of assistance opportunities to unemployed homeowners.
Also, underwater mortgages have been causing trouble in many instances and, have led to results that range from foreclosures to homeowners strategically defaulting. While individuals who are having trouble making their monthly mortgage payment as a result of negative equity are the primary goal of funding from this Obama state assistance plan, homeowners who have seen a drastic reduction in their property value may also find aid through these assistance plans.
The Hardest Hit Fund, again, has only been offered to states who have been particularly troubled by economic conditions but it’s believed that homeowners who may have difficulty finding assistance through national programs, like the Making Home Affordable Program, may have alternative assistance options through this initiative and could find the foreclosure prevention plans they need.