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 Unemployment Mortgage Subsidy Program helps unemployed homeowners stay in their homes by providing monthly mortgage payment assistance directly to their mortgage servicer.
- The Loan Rescue Program helps homeowners that have fallen behind on their mortgage and/or property taxes and need help catching up on both first and second liens.
- The Modification Plan Program helps homeowners that may have fallen behind on their mortgage and homeowners with negative equity, who are struggling to sustain their monthly payment.
- The Principal Curtailment Program assists homeowners who have negative equity by matching one-to-one funds with the lender to being the principal balance down and create a more affordable payment.
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.