Mortgage assistance in Virginia from Homeowners Loan Program.
Homeowners in Virginia who have lost their jobs or who have had a reduction in income for other reasons may be able to receive mortgage help from the U.S. Department of Housing and Urban Development (HUD). The federal government agency is providing the state with tens of millions of dollars to provide up to 24 months of assistance to Virginia homeowners. This aid is used in conjunction with the Hardest Hit Fund.
The program is being targeted at those borrowers who have had a substantial reduction in their household income due to underemployment, involuntary unemployment, a medical emergency or a medical condition and as a result may be at-risk of losing their home to foreclosure.
The federal government Emergency Homeowners Loan Program was created to provide some short term help, and reasonable assistance to those Virginian families who find themselves struggling with paying their mortgage because of unemployment, a reduction in income or an unexpected medical condition or emergency. This is a “spinoff” of the hardest hit fund.
Conditions to be met in Virginia
The federal government and the state of Virginia are setting conditions on the program. They include the following criteria.
-The homeowner needs to be behind on their housing payments. In total they need to be at least three months delinquent on their mortgage payments, and importantly they must also have a reasonable likelihood of being able to resume repayment of their home loan and related housing expenses (such as real estate taxes and home insurance) within two years of being accepted.