On August 2nd the Obama administration announced an additional $2.1 billion in funding to help homeowners located in the hardest-hit housing markets. Currently the housing markets eligible for the new funding are Arizona, California, Florida, Michigan, Nevada, North Carolina, Ohio, Oregon, Rhode Island and South Carolina. The funds will be used to create state Housing Finance Agencies (HFAs) designed to provide stability in these troubled housing markets.
Some of the foreclosure alternative program the HFAs will implement include assistances to unemployed borrowers, funding to extinguish second liens, incentives for lenders to reduce principle on underwater mortgages and program to facilitate short sales and deeds-in-lieu of foreclosure. While the HFA program are a separate and distinct entity from other Making Home Affordable programs such as HAMP, HARP and HAFA, many of the same borrowers will be targeted by the HFAs and some of the same measures used in the Making Home Affordable programs will be utilized.
If you have any questions regarding your rights or eligibility under HAMP or HARP, contact a Jacksonville Foreclosure Lawyer. A Florida Foreclosure Lawyer will know your rights and whether or not you qualify for either of these programs
To view the Hardest Hit Fund website please click here.
