Mortgage Hardship Programs Florida' title='Mortgage Hardship Programs Florida' />I lost my job, can I get help with my mortgage If you are unemployed, you might be able to get a mortgage forbearance, loan modification, or temporary financial assistance to tide you over. Question. I was recently laid off from my job and can no longer afford to pay the high monthly payments on my home. Can I get help with my mortgageAnswer. Yes, possibly. Depending on your circumstances and where you live, you may be able to get help through a federal, state, or lender program that provides temporary financial assistance to help cover your monthly mortgage paymentsgives you a break from making payments altogether until you get back on your feet, ormodifies your loan to permanently reduce your monthly mortgage payments. Get Temporary Financial Assistance From a Hardest Hit Fund Program. If you lose your job though no fault of your own, you may be eligible to receive mortgage payment assistance from a Hardest Hit Fund program in your state. Background. The U. S. Department of the Treasury created the Hardest Hit Fund HHF to provide 7. Florida-State-University-1024x661.jpg' alt='Mortgage Hardship Programs Florida' title='Mortgage Hardship Programs Florida' />These states then used the funds to establish programs designed to distribute money to distressed homeowners so they can prevent their mortgage from going into default or foreclosure. States with Hardest Hit Fund programs. The following states have established HHF programs Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina, Tennessee, and Washington, D. C. Most state HHF programs are geared toward helping unemployed homeowners. The various programs typically provide funds to bring an unemployed homeowners loan current, andcover future mortgage payments. This allows you to remain in your home while you search for new employment. Frequently Asked Questions Updated 12017 1. What is Florida HFA HardestHit Fund HHF 2. What programs are available 3. How much assistance is available to me Union Plus Mortgage Program through Wells Fargo Home Mortgage for union members and their families, only. Buying your first home or refinancing a mortgage Find the. Funds are still available. The HHF got rolling in February 2. The states have until the end of 2. HHF. To find out more about a specific states Hardest Hit Fund program, including how to apply for assistance, visit Nolos The Hardest Hit Fund Money for States Impacted by the Housing Crisis area. Programs That Give You a Break From Making Payments. If a temporary hardship, such as a job loss, causes you to fall behind in your mortgage payments, a forbearance agreement could help you. Forbearance Agreements in General. With a forbearance agreement, your mortgage servicer agrees to reduce or suspend your monthly mortgage payments for a set period of time. At the end of the forbearance period, you generally must resume the full payment and get current on the missed payments, including principal, interest, taxes, and insurance. You can usually do this by paying the lender a lump sumpaying a portion of the overdue amount along with your regular mortgage payment over a period of time, orcompleting a modification in which the lender adds the amount you owe to the loan balance. Sometimes, the servicer can extend the forbearance if your hardship is not resolved by the end of the forbearance period. You will not be subject to foreclosure during a forbearance period. FHA Special Forbearance for Unemployed Homeowners. If you have an FHA insured loan and you lose your job, you may be eligible for a Special Forbearance. Jinnah By Jaswant Singh Pdf. This program is designed to give homeowners a chance to stay in their homes until they land a new job and resume making their regular mortgage payments. This program was due to expire in August 2. FHA extended it indefinitely. Programs That Modify Your Loan to Reduce Your Monthly Payment. A mortgage modification is a long term change to existing loan terms, such as a reduction of the interest rate, which then lowers the monthly payment to make the loan more affordable. Fannie MaeFreddie Mac Flex Modification. Fannie Mae and Freddie Mac the government supported enterprises that own or guarantee many mortgages offer the Flex Modification program, which should lower an eligible borrowers mortgage payment by 2. Youll have to show that your household has a steady stream of income and can make payments under a modified loan. In House Modifications. Many mortgage servicers have their own in house mortgage modification programs. Again, youll have to show that your household has a steady stream of income and can make payments under a modified loan. How to Get Additional Information. If you need additional information on any of the programs mentioned in this article or have general questions about how to obtain help with your mortgage, contact the U. S. Department of Housing and Urban Development HUDs Housing Counseling Program and arrange to speak with a housing counselor.