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Federal Government Hardest Hit Fund.

The Hardest Hit Fund is a mortgage assistance program that was created by the federal government to help homeowners in states that are experiencing high unemployment. There is also assistance focused on other states that were hit hard by the nations economic and housing crisis. The program will be distributing billions of dollars in financial aid as well as low interest loans to qualified homeowners in the states that qualify.

The Hardest Hit Fund has continued to evolve and expand since it was established in February 2010. Not only are more people getting help then before, but one of the most significant improvements is the increased focus on providing mortgage help to homeowners in states that have the highest rates of unemployment and job loss.

Each state has created their own way to use the funds from the federal government. Some state governments will be providing homeowners with additional foreclosure mitigation services and free counseling. This type of support is more “advice” oriented and not direct monetary aid.

On the other hand, some of the programs that states administer will be using the funds to help those who are facing a medical emergency or to assist the unemployed or underemployed people and help them keep up with their mortgage payments. Others have decided to try to assist homeowners who are faced with upside down home loans (or negative equity) by reducing the principal of the mortgage loans that they owe. These type of assistance often involving providing the homeowner with a zero percent interest rate loan.

Or a state may decide to use the funds to finance short sales of homes to avoid foreclosure. The Hardest Hit Fund may also help reduce the number of families that are trapped in a home in which the mortgage balance is greater than the property value. So each local government will be offering a number of solutions to residents and the terms and conditions of the hardest hit fund in your state may be different than others.

It is important to remember that the Hardest Hit Fund is targeted at those families and individuals who need mortgage help the most and who have a reasonable chance of getting back on track. It is not designed to prevent all foreclosures as some homes just can’t be saved. For example, some homeowners took out loans that they would have no chance of ever repaying, and this government program would not be of assistance to them.





Types of mortgage help from Hardest Hit Fund

Each state has their own method of providing relief. Some examples of what type of help a homeowner may be eligible for from the Hardest Hit Fund include either temporary or permanent loan modifications, a reduction in interest rate, lengthening the term of the home loan, a reduction in principal, or cash grants that can be used to pay the mortgage while the individual gets back on their feet. The program is now also providing additional assistance to people who have lost their jobs. Learn more on HUD emergency homeowner loans.

In almost all cases the applicant needs to prove some type of financial hardship. Even more important, they also need to show that if they are provided short term relief that they will be able to eventually resume making timely payments on their home loan.

Homeowners in the following states are eligible for mortgage assistance and foreclosure prevention help from the Hardest Hit Fund. The program is run at the state level, and each municipality's Housing Finance Agency is administering and distributing payments from the Hardest Hit Fund.











New Jersey


North Carolina



Rhode Island

South Carolina


By Jon McNamara

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