Alabama hardest hit fund
Thousands of dollars in zero interest rate loans and/or cash grants may be available to homeowners in Alabama who have lost their jobs. A foreclosure prevention program known as Hardest Hit Alabama is available to unemployed Alabama homeowners or people who have had a reduction in their income, and the program is intended to help individuals and families catch up on paying their mortgages and it can help them avoid a foreclosure. The program is being funded by federal government dollars. The program is being administered by the Alabama Housing Finance Authority.
While it may be impossible to get the exact numbers, state officials can’t currently estimate how many people across the state are behind on paying their mortgages. However statistics in the past that were provided from the Alabama Housing Finance Authority, which was created to help low- and moderate-income Alabamians secure affordable housing, currently services 21,000 mortgages and 8 percent of those are behind, so that same 8 percent rate could possibly apply to other homeowners across the region.
Mortgage assistance provided by the Alabama hardest hit fund
The amount of help provided to qualified individuals is extensive. For example unemployed Alabamians who own homes throughout the state can qualify for loans and/or cash grants of up to $15,000 over a 12-month period. The funds will be used to help individuals pay their mortgages, and maybe the best part of the program is the fact that homeowners don't have to repay the money if they stay in their homes for five years.
The Alabama Hardest Hit program is now available to low to moderate income and other qualified out-of-work homeowners who currently qualify for unemployment compensation benefits. Some of the other criteria of the program include the applicant can’t owe more than $258,690 on their mortgages, and the homeowners most also have household incomes less than $75,700 annually.