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Special Homeowner Relief Extended to More 'Hardest Hit' States
More qualified homeowners struggling with unemployment or under-employment in additional states have been targeted by two expanded foreclosure-prevention efforts from the Obama administration.
First, from the U.S. Department of the Treasury's Housing Finance Agency (HFA) Innovation Fund for the Hardest Hit Housing Markets (the Hardest Hit Fund), comes $2 billion in additional assistance available for HFA programs for homeowners struggling to make their mortgage payments due to unemployment.
Earlier this year the Hardest Hit Fund launched with $1.5 billion going to only five states Arizona, California, Florida, Michigan and Nevada, where home values have fallen more than 20 percent from peak 2006 and 2007 markets.
The money was earmarked for state housing agency programs that reduce so-called "preventable" foreclosures faced by unemployed home owners, so-called "underwater" home owners and home owners struggling with second mortgages.
The extra $2 billion is earmarked for states that have experienced an unemployment rate at or above the national average over the past 12 months -- Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee and Washington, D.C.
Each state must submit for approval, proposals for targeted unemployment programs that provide temporary assistance ... more
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