Homeowners who are seeking foreclosure prevention through programs from the Hardest Hit Fund may be able to delay scheduled foreclosures for up to 45 days as Fannie Mae has recently directed servicers participating in this program to abstain from the sale of these homes when HHF assistance may be available, as reported by Housingwire.com. These state-directed programs are hoped to offer foreclosure prevention assistance and general aid to struggling homeowners in areas of the country where the economic downturn is still having an impact.
Those who are in states that have been particularly hard hit by housing troubles were granted funds from this initiative from the Obama Administration as a way for various servicers and state housing agencies to offer foreclosure assistance to those who are in a troubled financial situation, concerning their home loan, due to factors like unemployment.
There have been troubles for homeowners in specific areas of the nation that may have caused traditional home loan assistance plans to be unhelpful. Obviously, high levels of unemployment are one of the main causes of homeowner distress, but it’s hoped these plans from the Hardest Hit Fund will not only provide unemployed homeowners mortgage payment assistance, but homeowners may be able to find aid that will allow them to become current on their mortgage in cases where they have fallen behind.
Yet, this new guideline from Fannie Mae may be helpful to homeowners who are facing the sale of their home foreclosure, but are looking for assistance from these state-specific plans. Again, these programs may vary from state to state but they are hoped to address issues like unemployment, offer short sale and deed-in-lieu of foreclosure assistance, and provided other forms of aid which may keep homeowners in their home while they continue to look for a job or get back on their feet.
Homeowners have been informed that these plans may vary depending on a state’s housing, so specific information about these programs may be found with one’s servicer or state housing finance agency. While not all homeowners are going to qualify for these home loan assistance plans, there is hope that with these state-assistance plans, along with federal and proprietary home loan modifications, more homeowners in difficult areas and situations may find the home loan assistance that will simply keep them in their home.