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.
- The Mortgage Payment Program offers assistance to homeowners who are struggling to make their mortgage payments via three options: one-time assistance to bring your mortgage current, short-term assistance while you are looking for a job, or long-term assistance while you participate in an approved job retraining program.
- The Second Mortgage Refinance Program could help reduce monthly payments by eliminating second mortgages for eligible applicants.
- Special assistance for honorably discharged veterans is available.
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.