New state mortgage assistance plans which were developed from the Hardest Hit Fund have offered homeowners various assistance plans which may help them prevent the loss of their home. Numerous homeowners are delinquent on their home loan payments, and as a result have attempted to find assistance through plans like home loan modifications.
However, there have been difficulties between servicers and homeowners concerning these modification plans, and some homeowners have simply been unable to benefit from these reduced payment options on their home loan. Yet, some assistance plans from the state-specific mortgage plans may aid homeowners by offering financial assistance which will allow become current on their home loan.
While these types of plans may vary from state to state, it’s hoped that these reinstatement programs which will help delinquent homeowners, will offer the opportunity for homeowners who may face foreclosure as a result of being behind on their mortgage to become current and avoid the loss of their home. Yet, these assistance plans may not cover the entire costs which are needed to bring a homeowner current on their mortgage, but they do hope to cover a large percentage in cases where a homeowner may be able to avoid foreclosure with this type of help.
Funding for the state-specific programs may address other issues like underwater mortgages, unemployment, or transition costs associated with homeowners who are moving from their home as a result of foreclosure may be available as well, but many homeowners who are behind on their mortgage payments hope that they can find some form of aid to help them simply get back on their feet and resume making mortgage payments.
Again, not all homeowners may qualify for these types of mortgage assistance plans which have been implemented by state housing agencies in areas that were particularly hard hit by factors like unemployment or the reduction in property values, but homeowners are being prompted to talk with their mortgage servicer or contact their state’s housing agency to see if these plans may be available to assist them with their particular mortgage situation.