Hardest Hit Fund Program Offers Local Help

There are a slew of Federal programs out there to help people combat mortgage debt and get their homes back in the black and reduce the risk of impending foreclosure. There are the HARP and HAMP programs which both reduce rates and other assistance which can cut down the total interest owed or even lower the actual principal amount for a home loan.However, qualifying for these federally sponsored programs requires passing some stringent restrictions. You might have better luck looking for local aid.

Among many state-sponsored mortgage assistance programs, the Hardest Hit Fund Program really stands out. Though there may be some money from the federal government in there, they have little to do with the disbursement of funds or seeing that the money goes where it’s supposed to be going.

Like every big government agency there exists much potential for fraud here but if you’re in real need of assistance you can rest assured nobody is going to try and steal your home which is already worth less than what you owe.

In total, about $7.6 billion has been set aside to help residents from a select few states which got hit the hardest by the housing bust. Alabama, Arizona and California all got it bad over the last few years. Florida, Georgia and Illinois are also suffering from rock bottom property values and sky high mortgage debt.

Indiana, Kentucky, Michigan and Mississippi are also all suffering from a real lack of money flowing into the state economy. Nevada and New Jersey also make the list, as do North Carolina, Ohio, Oregon and Rhode Island. It’s topped off with South Carolina, Tennessee and Washington D.C. which isn’t a state but is still suffering bad.

Qualifying for the Hardest Hit Program

That’s an exhaustive list and the odds are good if you live in the United States, you live in an area which qualifies as one of the hardest hit. There are some other circumstances you must meet before you can expect to get any help from your local state agency though.

You’ve got to live there for starters; no saving your vacation properties. If you’re working full time, you can forget all about this as the program is only for those underemployed or totally out of work.

You pretty much need to be broke too, or else they will have you put most of your money toward reducing your monthly debt before giving a hand.

Any bankruptcies in the past will pretty much disqualify you from getting aid from the Hardest Hit program in your state, if there is one. Your mortgage also needs to be from a big bank, not an independent lender or otherwise financed by the person from whom you bought the house. For mortgages such as these, you’re on your own.

Also, unlike many programs which automatically opt you out if your mortgage is from before January 1, 2009, the Hardest Hit program will only consider applications with mortgages dated before this time.

Because unique concerns are sure to arise in each state you absolutely must find some qualified legal help when trying to navigate this messy morass. A home loan modification lawyer would be just the resource you need to get from one end of a Hardest Hit application to the other.

While an attorney loan modification might seem exorbitant, consider the alternative to winning your appeal for financial aid.


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Comments ( 12 )

I have a question about the Hardest Hit Fund. When do funds from this program run out? Will your team of lawyers help me obtain mortgage assistance with these funds?

Thank You

Robert added these pithy words on Jan 22 15 at 12:11 pm

Robert, hardest Hit Fund assistance varies from state to state. It was primarily designed as a mortgage relief program for homeowners that were behind in their mortgage and experienced lapses in employment. Some of the hardest hit states are: Illinois, Ohio, Michigan, California, Florida and New York. There is a limited amount of funds available and we can expedite the application process as we know exactly what forms are required, how to fill them out so that you receive the maximum assistance and who to get them to so that the paperwork is processed quickly. Remember, the goal is to keep you in your home so that you have a mortgage payment that is affordable to your situation. Please call 888-980-7566 to speak with an advisor.

Attorney Load Mod added these pithy words on Jan 22 15 at 12:20 pm

Do we really need to have an experienced for late mortgage payment, lapses in employment etc.. to be qualified for loan modification.

Celio added these pithy words on Feb 07 15 at 11:48 am

Evidence of some hardship within the household is helpful. However it is important to note that it is NOT required. If you are behind on your mortgage and need a loan modification then the most important part is that your payment be higher than 25% of your gross monthly income. In this situation your bank will usually drop your interest rate and/or defer or forgive some principle to make your payment affordable.

In the instance of an FHA mortgage you can have a mortgage payment that is, say, 10% of your gross monthly income and you will still qualify for a loan modification. You MUST be very careful when you have an FHA mortgage as banks will frequently tell homeowners that they don’t qualify for any type of mortgage assistance. The reason that banks do this is because an FHA mortgage is fully insured by the FHA and the bank will recoup 100% of their losses if they have to repossess your home. This option is always much cheaper for the bank despite their requirement that they work with the homeowner.

Attorney Load Mod added these pithy words on Feb 09 15 at 8:53 am

We have a Mobil home. Do you help with that? We were in bankruptcy but couldn’t continue the payments. They are wanting over $7,000. and over 600. per mo. to pay our mortgage. They say we almost two years behind. That’s about when we started the bankruptcy. We were paying $434. per mo. my husband had 2 back surgeries back in 2011 and 2012 which is how we got behind. We are to go to court in April. So lost on what to do. Really needing help. We own our property and would like to build something just to live in for now. Can you please help us? Thanks and truly appreciated, Pam

Pam added these pithy words on Feb 23 15 at 7:03 pm

I have been trying for a few months with Chase to do a modification loan and I also have NACA helping me now they are telling because I have USAD loan it’s it does not fall in there guide line for a modification, I’m not asking for them to cut the payment in half just a few $100.00dollars and I’m getting no were HELP

Sabrina added these pithy words on Mar 23 15 at 11:07 am

Thank you for asking your questions. Your sisters home is a serious matter. The first thing that I can tell you is that a re-finance is not an option. Obviously NACA is a free resource but in my opinion you do get what you pay for. We charge a fee — but I believe our services are well worth it. You can go to the http://www.preferredlawteam.com home page and visit our success stories link and see just a handful of the folks that we have helped. We have even had first mortgages forgiven. In your particular situation you need to be very careful of something called dual tracking. I would recommend that you speak with one of our loan modification advisors at 888-980-7566.

Attorney Load Mod added these pithy words on May 12 15 at 10:16 am

What if my spouse loss his job and is unemployed but I am still working full time?

Chris added these pithy words on Apr 20 15 at 1:06 pm

My husband and I are both retired and drawing Social Security and retirement. I do manage a Tax Office (Jackson Hewitt) from January 2 – April 16 each year.
We refinanced our home in 2010 when values were good. Then in 2011 my husband had a heart attack and I had breast cancer. That was only the beginning. I had chemo and reconstruction and finished in 2013. I am doing good. However my husband only got worse. He was in the hospital over 30 times last year and already 5 times this year. The doctors recommend long term care but I can’t afford that right now and I am trying to get him in short term rehab. He is currently in the hospital and has been for 3 weeks. He has terminal illnesses. He has Parkinson, Congestive Heart Failure, Kidney disease, Lymphedema, and his liver is diseased from medications. We are 6 months behind on our mortgage due to medical bills and prescriptions. Please help me as Bank of America is threatening foreclosure. I sent them a month’s payment but they sent it back because they have to have all or nothing.

Nancy Youngblood added these pithy words on May 15 15 at 9:40 pm

I am a widow and Im trying to save my house I applied for hardest hit March 20th 2015, I sent in everything they asked of me the worker never answered my questions . I was only emailed when she needed something I am on Disability with low income and I recieved an email on 5/20/2015 that im ineligible she stated that my deceased husband was not on the mortgage and that there is nothing i can do and that I cant apply again is there any help you can give me thanks Colleen.

colleen added these pithy words on May 21 15 at 9:20 am

How does this funding effect your credit score in the future?

I understand these funds help for about two years. Do this funds have to be repaid if you sell your home?

What drawbacks are we not being told?

Anna Wiley added these pithy words on Jul 21 15 at 1:49 am

I lost my job in may 2015. Unemployment benefits denied. Our mortgage payment 22 Thousand had to be paid to prevent foreclosure.Monthly payment is 764.53/monthly, simple interest payment. After I lost my job, I discovered my spouse was not paying our mortgage. This is when I cashed out retirement funds to pay.
I am struggling to pay the high monthly payments, and to save my marriage. Income is tight! I just started my SS benefit, and would like to find another job.I also pay my son bills because of his status. My spouse receives retirement benefits. His mental health has been effected because of our debit problem. I would like to ask about help for this problem. Please advise as soon as possible.
Caliber Loan had just taken our loan . Prior to this we had been working with payment and all this was dropped when the loan owner changed.
. Thank you,
Sherry Logan

sherry logan added these pithy words on Aug 08 15 at 9:15 am

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