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 Assistance component assists with eligible homeowners’ monthly mortgage payments are paid to the lender directly.
- The Reinstatement Assistance component is for homeowners whose hardship has since ended but need help catching up payments that became delinquent during the hardship. A one-time payment is paid to the lender directly.
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.