Hardest Hit Funds Available in 18 States
Four years ago, in response to the ongoing housing crisis, the government established the “Hardest Hit Fund” to help homeowners most affected by unemployment rates and declines in property value. The goal is to help the temporarily unemployed keep their homes while searching for a new job, or to help those whose homes are now worth less than the mortgage amount owed.
These funds are in place for 18 states, plus Washington DC. Funds were allocated for these locations because of high unemployment rates or higher than average home value declines of 20% or more. The US Treasury administers the Hardest Hit Fund, which provides aid to the states that were most impacted by the economic crisis. Each of these states have local housing finance agencies that help homeowners in various ways. These local agencies will continue to operate these programs until the end of 2017.
The total amount spread among the states involved is 7.6 billion dollars. Depending on the local agency’s approved programs, these funds might help homeowners with payment assistance for their mortgages, reductions in the principal owed on the home loan, help to pay off second mortgages, or financial assistance for those moving from their mortgaged home to a more affordable residence.
To get specific information about whether a hardest hit fund is in place in your state, check out the U.S. Treasury website, or call us to talk to a certified housing counselor. A counselor can help answer your questions about Hardest Hit Funds or other programs that might be able to help you, including local programs administered by your state.
We also have a site dedicated to Hardest Hit Funds. Follow the link to see map of states with funds established, and links to each state’s program. This is a great resource to use if you’re interested in Hardest Hit Funds and want more details about the various funds that have been established.
As always, our home preservation foreclosure prevention counselors are standing by to answer questions or offer assistance, free of charge. Schedule a priority appointment online or call us today for free, one-on-one assistance.