Bank of America has completed agreements to participate in the federal government's Hardest Hit Fund (HHF) and is now operational with the HHF unemployment assistance programs in all 18 eligible states and the District of Columbia.
The HHF initiative, which is administered by state housing finance agencies (HFAs), targets states with sustained unemployment rates at or above the national average and falling property values.
In the short time that a limited number of state pilot programs have been in operation, the collective state HFAs have about 2,700 applications for unemployment assistance in process for Bank of America customers and have provided $2.8 million toward mortgage payments for the benefit of over 700 customers. More than $1 million of those payments has been received in the first half of this month.
‘This is an important additional tool in the broad range of assistance programs and solutions we offer to customers who are struggling to make their mortgage payments,’ said Rebecca Mairone, national mortgage outreach executive, in a statement. ‘The unemployment assistance programs, in particular, extend help to homeowners who otherwise may not be eligible for the government's modification program and other homeownership retention solutions due to lack of qualifying income.’
HHF programs are targeted to low- and moderate-income homeowners, and other eligibility criteria are determined by each state's HFA. States participating in HHF unemployment assistance programs include Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, North Carolina, Ohio, Oregon, Rhode Island, South Carolina and Tennessee, plus the District of Columbia.
Earlier this week, Ally Financial announced its full participation in the HHF program.
