Assistance Program

Mortgage assistance in Rhode Island as part of Hardest Hit Fund

The federal government is giving Rhode Island millions of dollars to help people who are struggling to pay their mortgages and prevent them from foreclosure. The funds will be given to various non-profits and housing counseling agencies across the state by the Rhode Island Housing Agency.

The money from the Hardest Hit Fund will be used to stop foreclosures that can be avoided. The Rhode Island mortgage assistance program helps homeowners who cannot make their mortgage payments due to a reduction in income from a hardship or emergency, such as a job loss, medical emergency, or unemployment. The money being given is also supposed to help the state of Rhode Island’s and banks’ mortgage programs that are already in place. The program will only be available to owner-occupied homeowners who have tried all other options to solve their housing situation.

Mortgage assistance plans as part of Rhode Island Hardest Hit Fund

Homeowners in Rhode Island will have four different options for programs they may be eligible for as part of the hardest hit program.

The Loan Modifications Assistance for Non-HAMP Customers (LMA-Non-HAMP) is a program that helps people who have mortgages with banks and lenders who do not participate in the federal government’s Home Affordable Modification Program (HAMP). Some of the customers of smaller, regional and local lenders may have difficulty making their mortgage payments and could be in danger of foreclosure. The LMA-Non-HAMP program will give up to $6,000 to help the borrower and lender come to an agreement about the loan.

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