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Five states see billions of dollars in homeowner aid

Aiming to help struggling homeowners

For homeowners that are unemployed and underwater, they don’t always qualify for traditional loan modifications or governmental assistance, so last month, the Obama administration set aside $2.1 billion in assistance for ten of the worst hit states. Each state had to submit plans that were innovative in order for their method to be approved. The plans varied from subsidizing mortgage payments for up to 2 years to paying down principle.

Today, the Treasury Department approved proposals for $1.5 billion of these federal funds in Arizona, Florida, California, Nevada and Michigan. While most of these plans are reportedly similar, some pay off second liens and others actually facilitate the short sale process in the name of avoiding foreclosures. Some states will be matching funds from loan servicers but there is no word yet on which servicers are in agreement with the agencies.

The programs will be headed up by each state’s housing finance agency and will be put into place over the coming weeks. Although these plans have seen their share of criticism, the Administration is moving forward in an effort to help homeowners, thus the residential real estate sector and the economy’s health overall.

The remaining monies will go to North Carolina, South Carolina, Ohio, Oregon and Rhode Island whose plans will be ruled on by the Treasury by August.

CC Licensed image courtesy of think panama via Flickr.com.

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Tara Steele is the News Director at The American Genius, covering entrepreneur, real estate, technology news and everything in between. If you'd like to reach Tara with a question, comment, press release or hot news tip, simply click the link below.

15 Comments

15 Comments

  1. Real Estate Feeds

    June 24, 2010 at 2:06 am

    Five states see billions of dollars in homeowner aid: Aiming to help struggling homeowners
    For homeowners that are… https://bit.ly/bWyYpt

  2. RealEstate Babble

    June 24, 2010 at 2:30 am

    AgentGenius: Five states see billions of dollars in homeowner aid https://bit.ly/aK9xN1 Full https://bit.ly/bhlcAo

  3. Tom Lyons

    June 24, 2010 at 4:43 am

    Five states see billions of dollars in homeowner aid – Aiming to help struggling homeowners
    For homeowners th… https://tinyurl.com/38lwbw9

  4. SemperFiHomes.com

    June 24, 2010 at 5:38 am

    RT @RealEstateBabbl: AgentGenius: Five states see billions of dollars in homeowner aid https://bit.ly/aK9xN1 Full https://bit.ly/bhlcAo

  5. Z.W. Brown

    June 24, 2010 at 4:05 pm

    Which 5 states are seeing billions of $$$ in homeowner aid? https://ow.ly/22G5d

  6. Century 21

    June 24, 2010 at 4:05 pm

    Five states see billions of dollars in homeowner aid https://bit.ly/8XjqkW (@agentgenius)

  7. realdiggity

    June 25, 2010 at 5:29 am

    Five states see billions of dollars in homeowner aid: comments https://bit.ly/b0Y09K

  8. Eco St Joseph Statue

    June 28, 2010 at 2:49 pm

    Five states see billions of dollars in homeowner aid https://bit.ly/aBW4x4

  9. Lon

    August 12, 2010 at 9:08 pm

    The Federal government is the founder of the current housing mess. Each administration since Jimmy C arm twisted the banking industry to grant mortgages to people who should never, I mean never, own property. NOW, it is prolonging the pain by providing subsidies and not allowing the market to adjust and correct. Beam up scotty, there is literally no intelligent life on the Hill.

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