On August 11, 2010, the Obama Administration approved plans for an additional $3 billion in foreclosure-prevention funding for unemployed homeowers.
How Will It Work?
To be eligibile for the program, you must meet the following requirements.
- Be at least three months behind in your payments and have a reasonable likelihood of being able to resume repayment of your mortgage payments and related housing expenses within two years.
- Have a mortgage property that is your principal residence. You may not own a second home.
- Be able to demonstrate a good payment record before your reduction of income.
States Receiving Help
To be eligible, your state must have experienced an unemployment rate higher than the national average over the last 12 months.
- Alabama
- California
- Florida
- Georgia
- Illinois
- Indiana
- Kentucky
- Michigan
- Mississippi
- Nevada
- New Jersey
- North Carolina
- Ohio
- Oregon
- Rhode Island
- South Carolina
- Tennessee
- Washington DC
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More Details
According to the Department of Housing and Urban Development, the program will be implemented through various state and non-profit entities, which will offer “a declining balance, deferred payment “bridge loan” (zero percent interest, non-recourse, subordinate loan) for up to $50,000.”
Eligible borrowers will be able to use the funds for mortgage payments, mortgage insurance, taxes, and hazard insurance for up to 24 months.
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