Recently there have been reports in the news surrounding unemployment assistance for homeowners that may be offered from various state housing agencies and programs that have been made available in specific areas to assist men and women who are facing various hardships in terms of housing and their personal finances. These programs, most notably the Hardest Hit Fund and the Emergency Homeowners’ Loan Program have been established as a way to help homeowners who are facing the loss of their home but may be in an area where the particular aspects of a local economy or simple national economic troubles have created situations where homeowners simply cannot meet what they owe on their mortgage.
Yet, homeowners may be unaware that these programs, specifically the Hardest Hit Fund, may be offered in some states where supplemental programs outside of simple unemployment aid could be available, and for homeowners who may be delinquent on their home loan these plans could offer assistance that will bring a homeowner current on their payments. States like Florida and California that offer the Hardest Hit Fund also may be able to help homeowners through reinstatement programs that can help those who may have fallen behind on their mortgage payments over the past months.
Ideally, these plans will be made available to homeowners who are in a position where certain events in their life may have led to multiple missed payments on their home loan, which can eventually cause a foreclosure, but in situations where a homeowner is now on a more firm financial ground and can continue meeting their mortgage payment obligations, these homeowners who are in a situation where foreclosure is avoidable may be helped by these reinstatement plans. Homeowners need to keep in mind though, there are limits to the amount of reinstatement assistance that may be given to a particular homeowner and this particular type of Hardest Hit Fund assistance is not necessarily available in every state.
When it comes to homeowner delinquency, it’s often the case where those who are in a position where they can continue to meet mortgage payments but have simply fallen behind due to a brief period where unemployment or underemployment may have been an issue are typically prime candidates for this type of assistance, but depending on a homeowner’s particular state, the opportunities available to help them prevent foreclosure may come in different forms. Some homeowners may find that they can receive mortgage payment assistance while others could be in a state where these homeowner loans are available to help them with their foreclosure prevention needs through mortgage payment assistance for a period of time during which it’s hoped homeowners can get back on their feet.