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 Loan Reinstatement Payment (MLRP) Program funds are paid directly to the servicer to help satisfy all or some of any past due amounts owed on the first mortgage only.
- The Unemployment Mortgage Assistance Program (UMAP) assists homeowners with monthly mortgage and escrowed mortgage-related expenses (i.e., property taxes, homeowner insurance, and mortgage insurance) until the homeowner can resume payments. Additionally, for homeowners who are delinquent on the first mortgage at the time they qualify for the UMAP, Reinstatement Funds can be paid to satisfy all or some of any past due amounts owed; this assistance will be paid prior to the UMAP payments.
- The Florida Hardest Hit Fund Elderly Mortgage Assistance Program (ELMORE) is designed to assist seniors who are in arrears on their reverse mortgage by providing up to $25,000 to pay past due and future property charges, so that they may avoid foreclosure and can stay in their homes. Visit the official ELMORE website for more information on this program.
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.