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Hardest Hit Fund to help more families avoid foreclosure

August 9, 2010 - More than $600 million has been approved by President Barack Obama to assist unemployed homeowners with delinquent mortgages in five states, helping to keep more families from relocating due to a foreclosure.

The so-called “Hardest Hit Fund” is federal money allocated to qualified unemployed homeowners in Oregon, Rhode Island, Ohio, North and South Carolina. The five states have an average unemployment rate of 10.7 percent, more than a full point higher than the national average, according to the U.S. Department of Labor.

Treasury Assistant Secretary for Financial Stability Herb Allison said the Obama administration will do what is necessary to assist homeowners "who are hurting the most during these tough times.

"These states have designed targeted programs with the potential to make a real difference in the lives of homeowners struggling to make their mortgage payments because of unemployment," Allison said.

The funds will be used to help homeowners catch up on delinquent mortgage payments, assist in short sales or avoid foreclosure.

The program estimates it will help more than 45,000 homeowners, with Ohio receiving the most at $172 million. Rhode Island, with a particularly high unemployment figure of 12 percent, will receive $43 million, the smallest portion.

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