Earlier this year Alabama Governor Robert Bentley announced the creation of Hardest Hit Alabama (HHA), a new consumer relief program providing $162 million for the prevention of foreclosures in Alabama.
The U.S. Department of Treasury's "Hardest Hit Fund" awarded the $162 million to the Alabama Housing Finance Authority to provide targeted assistance to Alabama's unemployed homeowners. The fund itself was authorized under the Emergency Economic Stabilization Act of 2008.
Eligible owners can receive assistance to pay their current mortgage payments and all other mortgage related expenses, including payments on any subordinate liens, while unemployed. HHA will provide up to 12 monthly mortgage payments not to exceed $15,000, per household.
Alabama homeowners who receive unemployment compensation benefits may apply. To qualify, applicants must 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.
HHA funds have also been extended to Alabama victims of the 2011 April tornadoes. Storm victims who have been unable to return to work following the April tornadoes may be eligible for increased assistance of up to 18 consecutive monthly payments, or $25,000, through Hardest Hit Alabama.
North Alabama Educators Credit Union has signed on as a registered financial institution participant in the program and we encourage any unemployed Alabama residents to contact Hardest Hit Alabama for possible relief assistance.
For more information on the Hardest Hit Alabama program, visit http://www.hardesthitalabama.com/ or call 1-877-497-8182.
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