Some of the areas that have seen assistance through the Homeowners’ Loan Program are reporting that the funding that was originally available may largely go unused as there is worry that the number of applicants who may qualify will fall well below the original amount of individuals who were hoped to be aided by this particular plan. However, for homeowners who are unemployed and seeking mortgage payment assistance, it needs to be remembered that there are still options available outside of these areas where this loan program was set into place, as states that are running plans from assistance made available by the Hardest Hit Fund can still be of help to some who are looking for payment assistance and foreclosure prevention.
Yet, there are states that are still offering aid like those available from the HHF have indicated that there are still funds available but homeowners may either be unaware of these programs or feel that they will simply not qualify and avoid applying. Unemployment has remained a continual problem not only on a national level but some states are still above the double-digit range when it comes to those who are without work, and this can be made worse in states where a substantial amount of job creation is not being seen.
It’s been the hope of programs like the Hardest Hit Fund to address homeowner needs when unemployment and these factors related to long-term levels of joblessness are in place, as some men and women are simply in a position where they have to rely on assistance programs if they want to keep their home and ride out a period where financial problems have arisen as a result of being without a job. Yet, when it comes to qualifying for these programs or having a mortgage servicer that participates in these plans, some homeowners have met problems in this area as well as not all requirements that are set in place will allow homeowners to take advantage in states where these plans are offered nor do all mortgage servicers participate in programming that may potentially help those in need.
Some may find help from federal unemployment programs that can offer forbearance on mortgage payments for a set time, there are homeowners who are looking for ways to not simply get a reduced payment on their mortgage but allow them the time to get back on their feet without having to be burdened by their mortgage payment. Instances have arisen where homeowners were previously able to easily make their mortgage payment but due to job problems some are now in a position where they need assistance to make their mortgage payment lest they lose their home.
While issues like the criteria that homeowners must meet prevent some from taking advantage of initiatives like the Emergency Homeowners’ Loan Program, homeowners are urged not to give up hope as states where this particular loan program may not have been offered are usually those that can provide Hardest Hit Fund aid but there are also plans available by mortgage servicers that may go beyond these plans from states and could address the needs of many unemployed homeowners who fear they may lose their home without some form of help.