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.
- Mortgage Assistance assists eligible homeowners with monthly payments made directly to the homeowners’ servicer.
- Restore Assistance serves the recently reemployed homeowner by providing a one-time payment to bring the first mortgage current.
- Lifeline Assistance provides a one-time payment to cure homeowners’ mortgage delinquency of Principal, Tax, Interest, and Insurance (PITI), late fees, and condo fees.
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.