The US Treasury administers the Hardest Hit Fund (HHF), which provides aid to the states that were most impacted by the economic crisis. Each of these states have local agencies that help homeowners in various ways, including mortgage payment assistance for the unemployed, principal reduction, and transactional assistance. This helps people either afford the homes they’re in, or move to more affordable housing.
Programs & Eligibility
- The Mortgage Payment Assistance option is a monthly assistance paired with reinstating delinquent payments while the homeowner seeks more gainful employment.
- The Mortgage Payment Assistance with Education option allows homeowners to enroll in a community college or 4-year institution at their own expense to improve their job skills. The Education Option provides additional months of assistance beyond the basic assistance available under Mortgage Assistance alone.
- With the Reinstatement Only option, eligible homeowners receive the assistance needed to catch up on their past-due payments after having overcome their hardship.
How to Apply
You can apply for the program directly at the state website above. However, it may be a good idea to talk for free to a nonprofit counselor from a HUD-approved agency to find out all the federal, state and lender programs that you may qualify for and receive a personalized action plan on how to get started.