The Government has announced 2 new initiatives to target prevention of foreclosure. 2 Billion Dollars of Additional assistance was announced to Housing Finance Agencies in 17 States to implement programs to help homeowners who are unemployed. HUD is also implementing a program for $ 1 Billion as the Emergency Homeowners Loan Program for homeowners who are at a risk of foreclosure due to a substancial reduction in income from unemployment, underemployment or a medical condition. This is to provide support for up to 24 months.
If you are in one of these states you may want to contact the Housing Finance Agency in your state for full details about homeowners in your area applying for this assistance.
The 17 States eligible to receive this assistance are:
- Alabama - $60,672,471
- California - $476,257,070
- Florida - $238,864,755
- Georgia - $126,650,987
- Illinois - $166,352,726
- Indiana - $82,762,859
- Kentucky - $55,588,050
- Michigan - $128,461,559
- Mississippi - $38,036,950
- Nevada - $34,056,581
- New Jersey - $112,200,638
- North Carolina - $120,874,221
- Ohio - $148,728,864
- Oregon - $49,294,215
- Rhode Island - $13,570,770
- South Carolina - $58,772,347
- Tennessee - $81,128,260
- Washington, DC - $7,726,678
Hopefully these programs will help to stop the some of the bleeding in the housing market, only time will tell. For more information on these programs, read the entire article at DS NEWS
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