Various states which have been particularly hard-hit by the economic downturn, underwater mortgages, and unemployment have been offering state-specific assistance plans through the Hardest Hit Fund. States like Nevada and Florida which have seen a great deal of trouble in the area of housing and unemployment have implemented plans, as have other states, which were given funding to set in place these mortgage assistance plans to address the needs of numerous homeowners.
Homeowners in Nevada may be able to take advantage of these assistance programs which are being offered through the Nevada Affordable Housing Assistance Corporation. Plans which may be available to Nevada homeowners are hoped to include principal reduction programs, a reduction plan to address second mortgages on homes, short sale options for homeowners, and general mortgage assistance programs which may address factors like unemployment.
Also, states like Florida, which is another area that has been particularly burdened by economic and housing downturns, will implement similar programs as well in order to assist individuals that may face foreclosure. Florida’s Hardest Hit Program is said to only be available to a limited number of homeowners at the present time, but in early 2011 the program is hoped to be offered to struggling homeowners statewide.
Many of these programs which are being implemented across the nation are similar, in that they address issues which have been burdening homeowners throughout the country. However, these programs and methods which may be used to assist homeowners in these various states will, obviously, vary from state to state and, for that reason, homeowners are being advised to contact their mortgage servicer or state housing agency to see when and if these programs may be available and whether their particular situation may warrant assistance.
While some of the state-specific mortgage assistance plans have yet to be fully implemented, homeowners may still inquire about their state’s specific requirements for these assistance plans, which are hoped to offer a wide range of foreclosure prevention opportunities to homeowners in the coming months.