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.
- Monthly Payment Assistance assists eligible households by making their monthly mortgage payments directly to your servicer, giving homeowners time to get back on their feet.
- Direct Loan Assistance is designed to help if homeowners are behind on your mortgage payments, SC HELP may provide funds to get you caught up on your mortgage payments.
- Transition Assistance helps homeowners with short-sale or deed-in-lieu of foreclosure expenses.
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.