Various states, like California, which have seen a great deal of housing difficulties related to depreciation in property values and unemployment have been offered funding from the Hardest Hit Program in the hopes of providing various state-specific mortgage assistance plans to their homeowners.
This program implemented by the California Housing Finance Agency is one of many across the nation which is assisting states who have been particularly affected by the recession and unemployment levels. The Keep Your Home Program is set to mirror the Making Home Affordable Program by offering similar mortgage assistance opportunities as those which have been implemented by the Obama Administration.
As an example, these programs include unemployment mortgage assistance options, visible reduction programs, financial assistance for homeowners behind in their mortgage, and relocation aid to homeowners who may have participated in a short sale or deed in lieu of foreclosure programs.
While there are similar federal programs, like the Home Affordable Unemployment Program, the Principal Production Alternative Program, and traditional home the modification plans, it’s hoped that these programs implemented by states, like this California home loan assistance plan, will be able to address homeowner’s concerns and needs on a more personal level.
Understandably, national modification programs have had their difficulties, but when states are working with homeowners to provide mortgage relief, it’s hoped that these plans will be more helpful at preventing foreclosures in the future since homeowners can deal directly with their state’s housing agency in many cases.
These programs from the Hardest Hit Fund have brought about programs in numerous states who are seeing homeowners struggle, but they are no guarantee for every individual who may face the loss of their home. While it’s believed that many of these assistance plans can cut down on the number of foreclosures each state is seeing, homeowners may be unable to qualify for these assistance plans as factors like unemployment continue to cause financial difficulties in the lives of homeowners.