The Federal government has authorized $162 million in mortgage assistance to qualified homeowners.
If you lost your job and you are struggling to pay your mortgage payment, you may qualify for Hardest Hit Alabama, a foreclosure prevention program. The US Treasury has allocated $162,521,345 to help Alabama homeowners who are unemployed.
Homeowners, who are eligible, will receive up to $15,000 to pay their mortgage payment for up to 12 months.
Eligibility Requirements in Alabama
• Property must be the primary residence
• Home must be located in Alabama
• Must be eligible to receive unemployment benefits
• Annual household income not to exceed $76,440
• Homeowners convicted of mortgage or real estate transactions such as felony larceny, theft, fraud/forgery, money laundering, or tax evasion
• No active bankruptcy
• Mortgage must be executed on or before February 1, 2011
• Unpaid principle not to exceed $258,690
Maximum Financial Assistance in Alabama
• 12 consecutive payments or $15,000 per household
• 18 monthly payment in disaster counties
• Initial payment to bring the loans current may not exceed the lesser of 6 months
payments or $7,500
How to apply?
Visit www.hardesthitalabama.com for the application.
Application process:
• Complete online application
• Submission of required documents
• Underwriting: Verify DIR, property ownership, mortgage, calculate income
• Loan closing-Doc. signing company meets with homeowner to execute a note and mortgage.
• Disbursement begins once the doc signing company receives verification.
• Disbursements stop two months after re-employment or conclusion of unemployment benefits.
