Beginning in October, Hardest Hit Alabama is providing mortgage payment assistance to homeowners who have experienced a substantial reduction in household income as well as those receiving state unemployment compensation benefits.
To qualify as an eligible underemployed homeowner, within the most recent 24 months, a homeowner must demonstrate a financial hardship resulting in a 25 percent or greater reduction in income and a total housing ratio, including all subordinate liens, exceeding 31 percent of total income.
Hardest Hit Alabama, a foreclosure prevention program, is available for homeowners struggling to pay their mortgage payments.
The Mortgage Payment Assistance program is available to eligible homeowners who have experienced an involuntary job loss and are receiving unemployment compensation benefits or have experienced a substantial reduction in household income.
HHA will provide monthly mortgage payments including principal, interest and escrow expenses.
To help delinquent borrowers, HHA will pay the mortgage servicer to bring the mortgage current, not to exceed $12,500.
The maximum assistance per household is $25,000.
For more information or to apply for assistance, visit Hardest Hit Alabama’s website.
