Get Stop Foreclosure Assistance Now!
The hardest hit counties in Indiana can now get the stop foreclosure help they need to keep their homes. The Indiana Foreclosure Prevention Network is giving out between $12, 000 and $18, 000 depending on what county you are from and how hard your were hit financially. In the hardest hit areas, residents are looking at $18, 000 to stop foreclosure on their home.
So How Does The Stop Foreclosure Program In Indian Work?
Applicants apply for the funds through the Indiana Foreclosure Prevention Network and if you meet the qualifications, you could get money to stop foreclosure and help you stay in your home. The money comes from the Hardest Hit Fund, which assists struggling Hoosiers who find it difficult to make mortgage payments because of job loss or temporary financial or personal hardship.
What Should Applicants Know About The Stop Foreclosure Assistance Program?
The money you get to help you stop foreclosure on your home and help you while you find another job and get back on your feet is considered a loan, not a grant or a gift. It is a loan, which needs to be paid back if you sell your property. However, the loan only has to be repaid if you sell your property before the loan forgiveness period expire. The loan forgiveness period for getting funds from the Hardest Hit Funds of Indiana is 10 years.
So if you sell your home within 10 years of receiving the stop foreclosure financial help from the Hardest Hit Fund, then you have to pay the loan back.
Also, the home has to have sufficient equity in it. Meaning you can't be bottom side up in your mortgage or your mortgage amount can't be more than your property is worth. So in order to be required to pay the loan back, you also have to have enough equity in the house to afford to pay back the loan.
Is This Hardest Hit Fund To Stop Foreclosure Available In Other States?
The U.S. Department of the Treasury established the Housing Finance Agency Innovation Fund for the Hardest-Hit Markets (Hardest Hit Fund) in early 2010 to provide financial assistance to families in the states most impacted by the downturn of the housing market. In August 2010, U.S. Treasury announced that Indiana would receive $83 million to help *unemployed homeowners pay their mortgage. In September, an additional $139 million was added to this funding making the total investment for Hoosiers over $222 Million. President Obama announced that there was a 1.5 Billion dollar fund to help the hardest hit areas of America in 2010, so you will have to check with your state's Housing Development Authority to see what's available there.
How Do I Know I'm Eligible For The Stop Foreclosure Assistance Program?
According to the Indiana Foreclosure Prevention Network you are eligible to apply if you meet the following criterion:
- An Indiana homeowner, owning only one home and currently living in that home,
- An unemployment insurance recipient,
- And a participant of approved training, education or volunteer work.
The organization also states that "Other foreclosure prevention assistance may be available for applicants who do not meet these qualifications. Please complete the application and someone will contact you."
I Live In Indiana, How Do I Apply For This Stop Foreclosure Help!
You can apply to the Hardest Hit Fund of Indiana but going to the Indiana Foreclosure Prevention Network's website, 877gethope.org. You can apply right online or call 877-GET-HOPE.
Click on the logo to get their address
Indiana Foreclosure Prevention Network: 877gethope.org
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