Hardest hit fund assistance plans for individuals who are unemployed have been slowly opening doors to homeowners over the past months as a way for them to acquire the foreclosure prevention aid they need to help get them through this troubling time. While the unemployment rate in April and early May has remained high, with indications showing that the unemployment percentage continues to stay close to or beyond the 9% range, there are areas of the country and specific states where these rates are substantially higher and require that homeowners, who have few options when it comes to avoiding foreclosure be offered these prevention programs from opportunities like the Hardest Hit Fund.
In early May 2011, it was reported that homeowners in New Jersey may be in a position where they can avoid the loss of their home through initiatives being opened in their state in the form of loans that can help homeowners meet their payments for up to 24 months. While there are numerous states across the nation who have gained access to funding from this particular program and have instituted similar plans, New Jersey residents are in a position where they may now be able to take advantage of these opportunities, as each state has not fully implemented all of these HHF plans to an extent where every homeowner in need may benefit.
Yet, the option that homeowners may have when it comes to getting a loan for up to a set amount is nothing new, as there have been other states who have been able to offer homeowners this type of loan that can help them make payments to their mortgage servicer until they are able to get back on their feet. Also, homeowners are usually in a position where they must meet certain requirements before they can use this particular form of foreclosure prevention assistance.
Many individuals who are attempting to avoid the loss of their home through one of these particular initiatives will usually have to prove that unemployment has played a large role in the financial setbacks and potential for foreclosure they are now facing. While this can be as simple as producing documentation that will allow a homeowner’s state housing agency or financial institution to see evidence of these problems, homeowners must also meet certain qualifications within the various state programs if they wish to avoid repaying this particular loan in full.
While there are some states that have offered subsidies to homeowners that will allow them to make payments to their servicer while they’re unemployed, these loans, like the ones offered from the New Jersey HHF program, may require that homeowners stay in their house for a particular period of time if they want his debt to be completely forgiven. However, homeowners who are unemployed at the present time and facing a great deal of financial hardships in New Jersey are not the only ones who can benefit from these plans, as homeowners across the nation can check what their state’s housing agency to inquire as to whether similar programs for unemployment, negative equity, or delinquency on a home loan are available to help.