The Innovation Fund Provides Funding to State Housing Agencies

Written By ipink edy on Thursday, September 12, 2013 | 11:20 AM


Our federal government created what is called the Hardest Hit Fund, which provides funding to state Housing Finance Agencies (HFA) so they can offer measures to help struggling homeowners in states who have been hit the hardest by the housing crisis. Under this funding the state agencies have two ways to assist homeowners with temporary mortgage relief. Unemployed or underemployed borrowers can take advantage of this assistance. However, each housing finance agency will have t own eligibility requirements. Let's recap some of the basic requirements for this mortgage payment assistance.

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The two forms of assistance will come in the form of:

-A monthly payment if you are unemployed (unemployment assistance program)
-A single payment to bring your mortgage current (reinstatement program)

These two options will allow eligible at risk homeowners to focus on seeking employment or better job training without fear of losing their homes.

-You cannot be getting other forms of assistance (ex: HAMP trial period plans), or other workout option.
-Exception to this would be if you are doing a short sale or deed in lieu of foreclosure.
-Servicers of your mortgage loan may not refer an approved borrower's mortgage to foreclosure or conduct a scheduled foreclosure sale unless the full mortgage payment is not received.
-30 days of re employment or the expiration of HFA assistance, whichever comes first, your servicer must evaluate a borrower for a reinstatement, relief or workout option. If you where in a trial modification under HAMP, you must be re-evaluated for a new HAMP trial.

To see if you may qualify for this time of assistance you will want to contact your local housing finance authority, each state has their own agency Google 'housing finance authority' to find the one closest to you.


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