The Obama administration announced Wednesday, August 11th 2010 that it would be providing additional support for unemployed homeowner which includes $476,257,070.00 for California residents in need of Loan Modification. The overall plan includes $3 billion for two main programs. The first program includes $2 billion to HFAs (Housing Finance Agencies) over 17 states, including California. It also includes help for Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington D.C..
The first part of the new loan modification program is for what has been termed by the Obama Administration as the Hardest Hit Fund. The $2 Billion is for states which have experienced unemployment rates equal to or greater than the national average. It is basically money that is to be used to help unemployed homeowners pay their mortgage payment while they look for work. They may also qualify if they have a job but need more work, or if they are in training for a specialized position.
The second part of the new loan modification program in the HUD Emergency Homeowners Loan Program. This will be for customers who are 3 months behind on their mortgage and must have a good chance of repaying their mortgage to qualify.
If you believe you may or may not qualify for one of the programs, contact Loan Modification 411 to go over what your options might be.
