Assistance plans from various state housing agencies may offer numerous homeowners across the country the opportunity to either find unemployment mortgage assistance, underwater homeowner assistance, or various other mortgage aid plans which are hoped to address homeowner concerns and troubles. The funding for these state housing agencies to implement these programs came from the Hardest Hit Fund, which is hoped to provide more comprehensive foreclosure prevention assistance to homeowners in states which were particularly hard hit by financial downturn in housing troubles.
While these programs will vary from one state housing agency to another, they are hoped to address such factors as underwater mortgages or unemployment. As an example, some agencies may work with homeowners who have an underwater mortgage by offering principal reductions or refinancing opportunities, both of which mirror similar federal programs offered from the Obama Administration.
There are also unemployment assistance opportunities which may be presented to allow homeowners to take advantage of a forbearance program or may offer financial assistance to homeowners who cannot meet their payments at the present time. Understandably, factors like unemployment are one of the driving factors behind economic troubles and housing problems for homeowners, but there are hopes that these state assistance programs may succeed where some federal programs may have failed.
Obviously, some homeowners may simply be behind on their mortgage as a result of cut-backs in their wages and programs which could bring home loans to a current standing have also been proposed in some states. Yet, there are cases where relocation assistance may be a homeowner’s only option as there are their situation may be such that these foreclosure prevention plans are unhelpful. However, programs created by the Hardest Hit Fund do hope to address national housing and foreclosure troubles by working on a state level to address homeowners in specific situations.