MONTGOMERY, Alabama (WALA) - There is a new program in the state of Alabama to help people facing foreclosure. Governor Robert Bentley announced the creation of Hardest Hit Alabama or HHA Wednesday.
The new program will provide $162 million for the prevention of foreclosure in Alabama. The U.S. Department of Treasury allocated the funding to the Alabama Housing Finance Authority in August 2010.
The money will help unemployed or underemployed homeowners with temporary assistance to avoid foreclosure while they are unemployed.
"Record foreclosures and continued high unemployment are causes for concern for our state," said Governor Bentley.
"Homeowners who have experienced a temporary loss of income can benefit from short-term assistance to help bridge the gap until they have restored their income. This assistance is designed to help families stay in their homes until they can they find employment."
HHA will provide up to 12 monthly mortgage payments, or $15,000 per household to eligible homeowners. Assistance will be available for single-family homes, attached or detached and manufactured housing attached to real property.
Alabama homeowners who have been declared eligible by the Alabama Department of Industrial Relations to receive state unemployment compensation benefits, either due to unemployment or underemployment, may apply.
To qualify, applicants must currently have a total annual household income of less than $75,740, and the unpaid principal balance on their home's mortgages must be less than $258,690. The homeowner must currently occupy the property as their primary residence, and the home must be located in Alabama.
"Responsible families across the state have found themselves unable to pay their mortgages due to joblessness," said AHFA Executive Director Robert Strickland.
"These homeowners are generally not eligible for loan modifications, putting them at substantial risk of mortgage default and foreclosure."
Interested and eligible homeowners must submit an application for Hardest Hit assistance through the secure website, www.HardestHitAlabama.com . The program is being administered by the Alabama Housing Finance Authority.
HHA is available statewide to qualified homeowners on a first-come, first-served basis. Anyone needing more information can call 1-877-497-8182.
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