Stop Foreclosure

For The American Homeowner

Hardest Hit Fund – Financial Assistance for Foreclosure Prevention

Obama has given the go ahead for a new wave of housing and mortgage stimulis through the Making Home Affordable Plan. This new program is called the “Hardest Hit Fund“. The foreclosure relief fund will allocate 1.5 billion dollars across five states said to be hit the hardest by the mortgage and housing crisis.

Hardest Hit Fund – Part of the Obama Housing Assistance Plan – Making Home Affordable Plan

The Five States Receiving Foreclosure Assistance Funding

  1. Florida – 418 Million Dollars
    • Florida will use these funds to help the unemployed make their mortgage payments while they seek re-employment
    • Also aggressive second lien elimination to allow for modification will be part of the Florida mortgage assistance plan
  2. Nevada – 103 Million Dollars
    • Nevada will focus their 100 million on modifications as well as second lien elimination
    • They will also have a pay per performance loss mitigation – Homeowner Advocacy deal with local Housing Counselors
  3. Michigan – 155 Million Dollars
    • Michigan will pay the unemployed mortgage payments similar to what Florida’s plan calls for. They will also pay arrears for many households that have been late on mortgage payments and need to catch up.
  4. California – 700 Million Dollars
    • Earned Principal Forgiveness
    • Loan Arrears
    • Mortgage Payments for The Unemployed
    • Cash for Keys Like Incentives for Deed in Lieu of Foreclosures and Short Sale Deals
  5. Arizona – 125 Million Dollars
    • Earned Principal Forgiveness
    • Interest Rate Reduction
    • Mortgage Payments for The Unemployed
    • Second Lein Elimination
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June 29, 2010 - Posted by | finance

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