Homeowners are aware that Hardest Hit Fund programs have been made available across the nation in various states, as a way to help find more options when it comes to dealing with mortgage payments than simple home loan modification efforts that have been in place for quite some time. These foreclosure prevention efforts will vary from one state housing agency to another, but there are also some requirements on the part of homeowners who may be unsure of what their particular servicer may offer in terms of their participation within this specific initiative.
Many of the states that host these Hardest Hit Fund programs do have information available online for homeowners but there are some issues that homeowners have faced over the past weeks that may require homeowners to do more research into what specific options could help their situation specifically. Changes are occurring in some of these state housing assistance programs as even a major servicer by Bank of America had reportedly only entered a specific program within the California HHF initiative last month. While this is one isolated example, homeowners need to understand that some servicers have yet to participate in these initiatives within certain states, so talking with housing counselors like those made available from the HOPE Hotline may be able to provide further information on these assistance plans that are there to help homeowners working with certain banks.
Homeowners also will want to keep in contact with their servicer, as again, there are not always a wide range of options available from a specific financial institution to their homeowners despite the fact that some of these state programs may have multiple foreclosure prevention assistance plans in place. Servicers can opt to only participate in a few programs within a specific state’s Hardest Hit Fund plan, and for homeowners who are unsure of whether these options are available may waste time looking into a particular program that their servicer does not even offer at the present time.
Since, once again, there are multiple plans that may be available from a certain state housing agency, homeowners may attempt to pursue one of these programs rather than looking at either in-house foreclosure prevention efforts or federal modification initiatives, but this could be a problem for some homeowners if their servicer is either not taking part in these plans yet or may simply not offer a specific program within a certain state’s HHF.
It’s because of these potential problems that many homeowners have contacted housing counselors or their mortgage servicer, and in some cases both, as a way to better explore what all options are available, what their specific servicer will offer, and then talk with these representatives about how that homeowner’s particular situation could be helped by the programs that are open to them. While it’s frustrating when homeowners find that a servicer is not working within the confines of a specific mortgage assistance plan, homeowners do need to remember that there are alternative options that may be available and look to use what plan may be right for their situation, but will also be available from their servicer.