In response to the Obama government’s Making Home Affordable Program’s inability in helping delinquent American home owners save their homes by preventing foreclosures, the federal government has decided to support mortgage debtors in availing affordable and favorable home loan repayment facilities through two new programs supporting foreclosure prevention. The Housing Finance Agency will help some of the worst affected states with the “Hardest Hit Fund” which will allocate $2 billion to states experiencing high unemployment levels, and increasing number of foreclosures. In addition, the Department of Housing and Urban Development (HUD) will provide an additional $1 billion through the “Emergency Homeowner Loan Program” which will aid homeowners experiencing significant reduction in their monthly incomes due to various reasons like unemployment, underemployment, medical conditions etc up to 24 months. The main objective of the proposed programs is to stabilize the fragile housing market by helping responsible homeowners decrease their monthly home loan payments, and make their mortgage more affordable to repay.
The federal programs are specially designed to aid the government’s Making Home Affordable Program achieve the proposed results of helping struggling homeowners in saving their homes by preventing foreclosures, since the program failed to achieve this in the past. The allocated $3 billion fund aims to improve the housing market by helping borrowers make their mortgages more affordable, and easier to repay. To learn more about the two programs, it’s suggested you avail the free non-binding counseling provided by RefinanceITT’s attorneys who specialize in foreclosure prevention.
Hardest Hit Fund
The Hardest Hit Fund (HHF) program offered by the federal government has a main objective of providing emergency relief to home owners in the states affected the most by bankruptcies and foreclosures. It was needed to deal with delinquencies related issues and foreclosures at the local level, and configure the home modification and refinance programs options according to the issues and problems faced by the borrowers at community levels. The HHF will be directly funding the most affected states, and will help them utilize the money in aiding the Making Home Affordable Program, designing, and implementing customized and targeted unemployment related programs to reduce the delinquency levels, and also in promoting more affordable home loan redemption.
HHF program is to be provided to states experiencing high unemployment levels which are equal to or above the national average during the last 12 months. States which have benefited in the past by various federal debt relief programs are to use the money in improving the unemployment levels by executing the specially constructed treasury approved employment generation programs in accordance to the local community conditions. The objective is to offer temporary financial aid to eligible home owners in repaying their mortgage, and help them find employment, or alternatively undertake new job training.
Please fill up our online application form and provide us your contact details to find if you’re eligible for the HHF program. Our attorney will call you and determine your mortgage liability status, and provide you with the required counseling so you can become eligible for the HHF program. The services offered are free and non-binding.
HUD Emergency Homeowners Loan Program
The Emergency Homeowners Loan Program or the EHLP is designed to help homeowners in the states and areas that are not covered by the HFF, and so the program supports the HHF program by creating opportunities and offers financial relief via a “bridge loan”. A bridge loan is a type of special loan which has zero percent interest, and is a non-recourse subordinate loan. According to the program, the states as well as non-profit institutions will have to offer:
• Declining balance
• Deferred payment loan (A bridge loan)
up to $50,000, and aid eligible applicants in:
• Being current on their net mortgage payments (the mortgage principal amount)
• Getting reduced interest rates
• Availing affordable mortgage insurance
• Paying the taxes
• Getting a hazard insurance
for up to 24 months.
To become eligible for the EHLP program, the applicant has to:
• Be delinquent on the monthly payments for at least 3 months, be able to support house hold expenses, and should be able to make regular mortgage payments within two years
• Own a single home which has to be the applicant’s primary or main residence
• Present a decent and acceptable payment history before the decrease in monthly income
RefinanceITT’s HHF and EHLP services
RefinanceITT.com provides specialized services to the borrowers having problems with their mortgages. The services include:
• Studying the mortgagor’s particular debt conditions, and finding out the root cause resulting into the debt
• Working out a tailor made mortgage repayment plan which best suits your specific needs, depending upon your monthly cash inflow
• Negotiate with your lender and make your home loan affordable
• Make you eligible for the program that’s most beneficial to you
Please provide us your contact details by filling up our online application form so our federal program attorney can help you qualify for your program. The counseling and services offered by RefinanceITT are absolutely free and non-binding.
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Reference: http://www.financialstability.gov/latest/pr_08112010.html