State mortgage assistance plans through the Hardest Hit Fund are hoped to provide more in-depth mortgage assistance options for homeowners who may be struggling to make financial ends meet when it comes to paying their home loan payment. Certain states have been harder hit by the recession and still face high unemployment levels and have seen a greater drop in property values, which can be problematic for homeowners who are having a difficult time in their personal financial lives.
Yet, the Obama Hardest Hit Fund is hoped to offer homeowners more opportunities to find affordable mortgage payment solutions outside of national mortgage assistance programs, like the Making Home Affordable Program.
Many homeowners in the states which have received funding from the HHF are able to provide underwater refinancing or principal reduction assistance, unemployment assistance or forbearance programs, and traditional mortgage payment assistance through various means. Programs like the California Keep Your Home Program and other state-specific programs for areas like Florida, Michigan, North Carolina, and Nevada, just to name a few, are believed to offer aid to homeowners who are in areas of the nation that have seen particular hardships when it comes to housing.
While these assistance programs are being implemented through various state housing agencies and other organizations, home loan assistance may be limited as funds are expected to be exhausted quickly, since countless homeowners need aid in their mortgage situation.
These Hardest Hit Fund assistance plans are hoped to provide mortgage assistance to homeowners outside of typical federal assistance plans, like the Making Home Affordable Program, there are still opportunities for troubled homeowners to get a traditional home loan modification or in-house mortgage assistance directly from their mortgage servicer.