Unemployed homeowners have been seeking ways to avoid the loss of their homes through various mortgage assistance programs tailored directly to individuals who may be without a job at the present time. While there have been programs like the Home Affordable Unemployment Program, homeowners may now have alternative assistance options through plans directly from state housing agencies.
The Hardest Hit Fund has provided capital to various state housing agencies which will allow them to implement unemployment mortgage assistance plans. While these individual unemployment plans may vary from state to state, typically, homeowners may have some form of mortgage forbearance opportunity available which will allow them to either continue looking for a job yet remain in their home, or provide them financial assistance for additional time to get back on their feet.
Some options from state housing agencies will either work with servicers to offer homeowners a forbearance option or, in some situations, homeowners who qualify for a Hardest Hit Fund unemployment mortgage assistance plan may have their payments made directly from their housing agency. Again, each state mortgage assistance program may differ, but homeowners who have lost their job are finding difficulties when they reenter the job market as there are too few jobs available in some areas.
States that have received funding from the HHF are those who may have seen particular trouble with underwater home loans or unemployment, and for this reason it’s hoped that a greater number of unemployed homeowners will find assistance. States given this additional funding may be able to help unemployed homeowners in a more direct manner than some national programs, especially since certain states and counties have been particularly hard hit.
Homeowners can contact their state’s housing agency or servicer, in many cases, to inquire about these unemployment assistance programs, but there are some states who have yet to implement these assistance plans to homeowners in need. While not every unemployed homeowner may find the foreclosure prevention assistance they need through these Hardest Hit Fund plans, it’s hoped that more individuals will avoid the loss of their home now that another avenue to unemployed homeowner assistance may be available.