FORECLOSURE AID FOR UNEMPLOYED
The Federal government has two programs to help the unemployed avoid foreclosure.
Through the Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), there $2 billion of assistance that will be made available to those having difficulty making their loan payments due to unemployment. This fund will be distributed to states that have been hardest hit by the downturn in the economy. Alabama will receive over $60 million. Arizona is not on the list published by the government.
The U.S. Department of Housing and Urban Development (HUD) is in the process of launching another program whereby $1 billion in assistance will be provided through the Emergency Homeowners Loan Program. That loan program will provide interim assistance for not more than 24 months to people who are or may face foreclosure due to unemployment, underemployment or medical problems.
Get more information about the foreclosure assistance programs.
