Hardest Hit Alabama Could Help State Homeowners

Across the country, millions of Americans are struggling under the weight of increased debt brought on by the recent economic downturn. As a result, many have been forced to modify their mortgages or may have lost their homes altogether.

However, help me be on the way for some homeowners, as the Alabama Housing Finance Authority is getting ready to implement $162 million in foreclosure prevention funds provided by the federal government.

The Hardest Hit Alabama program would allow struggling state homeowners to apply for up to $15,000 in mortgage assistance, provided they meet certain requirements. Consumers who earn less than $75,740 annually or have more than $258,690 due on their home loan payments will be eligible for the funds.

"Homeowners who have experienced a temporary loss of income can benefit from short-term assistance to help bridge the gap until they have restored their income," said Alabama Gov. Robert Bentley.

State officials stress the program is on a first-come, first-serve basis and homeowners looking for assistance should apply as early as possible in order to ensure they can avoid foreclosure.