Wednesday, July 07, 2010

Hardest Hit Fund: Help for Unemployed Homeowners Facing Foreclosure

If I'm not mistaken, this is the first program where those who are unemployed can receive help to make mortgage payments. Michigan is one of five states (California, Nevada, Florida and Arizona being the others) that will split $1.5 billion from the bank rescue to help alleviate high foreclosure rates:

The Helping Hardest-Hit Homeowners Fund will be available to homeowners drawing unemployment benefits, those who have fallen behind because of a temporary layoff or medical emergency, and previously unemployed homeowners who have returned to work at lower wages.

Granholm said state officials also filed a request with the Obama administration to add to the group of potential applicants Michigan's long-term unemployed whose benefits have expired.

The fund should be able to provide assistance for up to 17,000 Michigan households, she said.

We will get $154 million to distribute starting July 12th. It runs through your lender, so call them first and see if they are set up yet (be patient with them, this is just getting underway), or, if you want further info, call 866-946-7432 or check out the MSHDA web page at

This is one area where the government realized that it was too difficult for people to qualify for help previously, they made some adjustments, and now more families will be able to keep their homes. Very good news. Kudos to them for responding to the problems and to the need. A second round of states is expected to be approved soon (North Carolina, Ohio, Oregon, Rhode Island and South Carolina) to join this program.

If this applies to your situation, act soon. When it's gone, it's gone - because you know how the US Senate Republicans are when it comes to helping those that need it the most...