If your home is at risk of foreclosure and you live in any of the following states, I have some really good news for you! If you're in California, Arizona, Florida, Michigan or Nevada, you may be eligible for what amounts to foreclosure avoidance financial aid from the Federal government and administered by your state. The US Treasury announced yesterday that these states' "hardest hit" assistance programs have been approved for a total sum of $1.5 Billion is aid to assist homeowners in danger of foreclosure.
Arizona's receiving $125.1 million to aid in principal and/or interest rate reductions or extensions of the term of the mortgage. The state may also provide aid to unemployed/underemployed in finding a new job. This help will be in the form of mortgage payments or removal of subordinate mortgages in some cases.
California is receiving $699.6 Million of these funds, and will use the funds to either reduce loan principal balances or make payments for unemployed homeowners until they get new jobs.There will be a maximum term for such payments.
Florida's $418 million will go to help unemployed/underemployed borrowers make their mortgage payments while seeking new employment.
Michigan's $154.5 million will largely be used in a similar way. Also, it may be available to help homeowners pay off loan payments that are now late.
The state of Nevada's $102.8 million will go to help make loan mods.
Additionally, some, if not all of these states will also provide some assistance to remove or modify second mortgages that are complicating working out assistance for the firsts.
As with any government programs, the details are many more than can be covered here, so contact your local state government housing offices.
Good luck!
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