Hardest Hit Fund Mortgage Assistance Plans–Home Loan Affordability Programs From States

Assistance programs for homeowners from the Hardest Hit Program have set in place various forms of aid for which homeowners may qualify in the hopes of preventing more widespread foreclosures across the nation. These affordability programs are hoped to begin across numerous states, whose housing agencies were granted these funds in order to address problems with homeowners who are delinquent on their mortgage, underwater, or unemployed.

The various programs which have been implemented by state housing agencies or will become available in the coming months are hoped to provide assistance to homeowners that goes beyond traditional home loan modifications, which have been used throughout 2010 as a primary means of foreclosure prevention. Yet, many of these state-specific mortgage assistance plans from the hardest hit fund are set to mirror some federal assistance programs, like second lien programs or foreclosure alternative plans, while other forms of state assistance may provide alternative programs.

There have been troubles which have been present within the modification program, from both federal and proprietary modification, but it’s hoped that when homeowners are in a situation where they have been particularly hard hit by mortgage difficulties or unemployment due to the area in which they live, these assistance programs particularly for residents of certain states will provide some form of prevention from the loss of a homeowner’s property.

Housing agencies which have been offered funds to implement these state-specific programs have not all begun offering these plans to their homeowners, despite the great need which is present in these hardest hit states. Some of these programs may offered mortgage payment assistance which is similar to grants, while others may have opportunities for assistance which will allow them to restore their mortgage payment status. There have been homeowners who have simply fallen behind on their mortgage payments and, at the present time, are in a position to meet their monthly mortgage obligation but are having difficulty getting back to a current position on their home loan.

Obviously, troubles which are facing homeowners will vary depending on a homeowners area and their particular predicament, but these funds available from the federal Hardest Hit Program are hoped to fully take effect within these various state agencies within the early months of 2011, if they have not already begun accepting applications from homeowners in need. While these programs are no guarantee when it concerns avoiding foreclosure, it’s hoped that these additional sources of mortgage assistance will prevent the loss of more homes as homeowners continue to struggle in their personal lives.