If you are a homeowner in Alabama who has lost your job, you may be able to get a loan with no interest or a cash grant from the government. Hardest Hit Alabama is a foreclosure prevention program available to unemployed Alabama homeowners or people who have had a reduction in their income. The program is intended to help individuals and families catch up on paying their mortgages and avoid a foreclosure. The program is being funded by the federal government. The Alabama Housing Finance Authority is administering the program.
There is no current estimate of how many people in the state are behind on their mortgage payments. The Alabama Housing Finance Authority provides statistics that show that 21,000 mortgages are currently being serviced, and 8 percent of those are behind on payments. It is possible that this same rate applies to other homeowners across the region.
Mortgage assistance provided by the Alabama hardest hit fund
There is a lot of help available for people who meet the qualifications. Unemployed people in Alabama who own homes can get loans or cash grants of up to $15,000 over 12 months. The money from the fund will be used to help people pay their mortgage, and a great part of the program is that homeowners don’t have to pay the money back if they stay in their home for five years.
The Alabama Hardest Hit program is a financial assistance program that is now available to low to moderate income and other qualified out-of-work homeowners who currently qualify for unemployment compensation benefits. Some of the other requirements of the program include that the applicant cannot owe more than $258,690 on their mortgages, and that the homeowners must also have household incomes less than $75,700 annually.