The US Treasury Department’s Hardest Hit Fund allocated $7.6 billion to states struggling with unemployment rates at or above the national average or steep home price declines greater than 20 percent since the housing market downturn. These funds offer up to $3,000 per month for up to 36 months in mortgage payment assistance to help unemployed homeowners avoid foreclosure. States approved for HHF funds include Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and the District of Columbia. Each area will have their own version of this program but after months of planning they are ready to roll out this fully activated foreclosure prevention program.

Here Are Some Of The Basic Eligibility Requirements for Applicants and The Property (Due note these requirements may vary from region to region).

The Applicant must be:

•Currently unemployed, or

•Currently substantially underemployed, or

•Currently able to make their mortgage payment, but got behind while they were unemployed or underemployed; and

Additionally, the Applicant:

•Must be unemployed or underemployed resulting from an involuntary separation (self-employed will be required to provide additional documentation of loss of income);

•Must have been current on mortgage payments prior to the period of unemployment/ underemployment;

•Must have monthly mortgage payment(s) greater than 31% (including escrow payments) of current monthly household income; •Must not have an active bankruptcy;

•Must not have liquid assets exceeding $5,000;

•Must not have any IRS or state tax liens;

•Must be the owner of the property; and

• Must be a legal resident of the United States.

The Property:

•Must be owned by the applicant;

•Must be the primary residence of applicant;

•Must be a single-family home, condominium, or townhome; or a two, three, or four family dwelling unit (in which the applicant resides in one unit);

•Must be classified as real estate and affixed on permanent foundation if a manufactured or mobile home;

•The sum of all mortgage debt must not be more than 125% of the value of the property; and

•The total unpaid principal balance, including all mortgages and lines of credit, must be less than or equal to $417,000.

Additional Requirements:

•Lender/Servicer must agree to participate in program (on all mortgage loans on property);

•Applicant may be required to pay an affordable payment while receiving the assistance.

Additional underwriting criteria may also be established.

For additional details, contact your local state agency:

•Alabama: http://www.hardesthitalabama.com/

•Arizona: https://www.savemyhomeaz.gov/

•California: https://www.keepyourhomecalifornia.org/

•Florida: https://www.flhardesthithelp.org/

•Georgia: http://www.dca.state.ga.us/housing/homeownership/programs/hardesthitfund.asp

•Illinois: http://www.ihda.org/

•Indiana: http://www.877gethope.org/

•Kentucky: http://www.kyhousing.org/

•Michigan:

http://www.michigan.gov/mshda/buyers/save_the_dream/helping+hardest+hit+homeowners+-+contact+your+mortgage+servicer+for+assistance

•Mississippi: http://www.mshomecorp.com/firstpage.htm

•Nevada: http://www.nahac.org/

•New Jersey: http://www.state.nj.us/dca/hmfa/home/foreclosure/homekeepers.html

•North Carolina: http://www.ncforeclosureprevention.gov/

•Ohio: http://www.savethedream.ohio.gov/

•Oregon: http://www.oregonhomeownerhelp.org/

•Rhode Island: http://www.hhfri.org/

•South Carolina: http://www.scmortgagehelp.com/

•Tennessee: http://www.thda.org/

•Washington D.C.: http://www.dchfa.org/