new program to help Stop Foreclosure

New Program to help some states Stop Foreclosure

The new $7.5 billion allocated by the federal government to 18 specific states and the Washington DC for loan modification programs is looking out of control.

President Obama in February 2010 established “A Hardest Hit Fund” to provide assistance to homeowners in specific states affected by our economic downturn. There were specific states chosen based on unemployment that is at or above the national average they also looked into areas where house prices have lost more than 20% value.

The Hardest Hit Fund has been set up to help unemployed homeowners or troubled homeowners to pay their house payments and stop foreclosure.

It has been said that this program just delays the inevitable foreclosure of homes, or just a way to help banks, not a good program if the homeowners eventually end up in foreclosure. Now that the economy is looking better there are some homeowners facing foreclosure that can actually stop foreclosure.

The states that have been selected for the program are Alabama, Arizona, California, stop foreclosure Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and Washington DC.

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