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 Rebuilding America Homeownership Assistance (RAHA) Pilot Program aims to provide a refinancing opportunity for homeowners that are underwater on their mortgage.
- The Home Rescue Program assists eligible homeowners with monthly payments made to the servicer.
- The Loan Refinancing Assistance Pilot Project (LRAPP) program is now available to homeowners in specific counties to address the needs of homeowners who suffer disproportionately from the foreclosure crisis in Oregon.
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.