Program to Control Rise of Foreclosures and REO Homes for Sale Launched
REO homes for sale and foreclosures continue to be a problem in Alabama. In an effort to help troubled homeowners, the local government launched a new program. By ForeclosureDataBank.com
The number of REO homes for sale and homeowners on the brink of losing their homes to foreclosure continue to rise in Alabama. State statistics showed that majority of troubled homeowners have lost their jobs and are currently unemployed. To help these unemployed borrowers, the local government has launched a new program funded by federal money.
Foreclosures in Orange Beach, AL, and in the rest of the region dominate the housing market concerns of state authorities. Recently, Governor Robert Bentley, along with the Alabama Housing Finance Authority, has announced the launch of the Hardest Hit Alabama effort, which will provide financial assistance of as much as $15,000 for a period of 12 months to unemployed homeowners who are having difficulties meeting their monthly loan obligations.
Homeowners in danger of losing their homes to Alabama foreclosure listings due to unemployment can apply, and qualified applicants will not be required to pay back the money that they will get under the program if they remain in their houses for at least five years. The program was part of the federal government's stimulus project which earmarked $2 million to 18 states that have the highest unemployment rate.
Alabama, having some of the highest supplies of foreclosures and REO homes for sale and also having a high unemployment rate, was provided with $162 million, which will be used to provide mortgage assistance to borrowers behind in their payments. Those who are out of job and have qualified for unemployment benefits can seek help from the initiative.
They should also owe on their mortgage an amount no higher than $258,690. Another requirement is that their annual household income should be lower than $75,700. According to local officials, the initiative will greatly help troubled homeowners in the area and will also contribute in cutting down the number of foreclosed bank homes in Alabama.
Authorities are hopeful that homeowners will take the chance to save their properties from getting foreclosed or becoming REO homes for sale. Applications can be accessed online and officials stated that those who do not have computers at home can use the ones at public libraries that are open to the public.
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