Indiana’s Hardest Hit Fund assists 10,000th homeowner
INDIANAPOLIS – The Indiana Housing and Community Development Authority (IHCDA) today announced that the 10,000th homeowner has been assisted through Indiana's Hardest Hit Fund (HHF) offered through their Indiana Foreclosure Prevention Network (IFPN). Starting in 2011, the Indiana HHF program helps Hoosiers facing foreclosure remain in their homes.
"Both the economy and the housing market in Indiana have bounced back dramatically since we provided the first of what has now been 10,000 Hoosier homeowners with assistance from the Hardest Hit Fund," said Lt. Governor Suzanne Crouch, who serves as IHCDA's board chair. "We have made adjustments to the program recently in an effort to better address the current needs homeowners have in Indiana."
Beginning in July, Indiana homeowners who have fallen behind on their mortgage due to an involuntary loss of employment or reduction in employment income have the opportunity to apply for one-time reinstatement assistance of up to $30,000. In order to qualify, homeowners must be able to make current mortgage payments but unable to pay the past-due balance.
In addition to this updated program, the IFPN continues to provide free foreclosure prevention counseling. This counseling is offered through a network of housing counselors throughout the state who work directly with homeowners and their lenders to find a solution to their specific financial situation.
In October 2009, Indiana and the country were in the midst of a recession and approaching levels of unemployment not seen since the early 1980s. In Indiana, the unemployment rate reached 10%. In addition to this, Indiana experienced a high rate of families facing foreclosure, which is why we were one of 18 states that was awarded HHF dollars by the U.S. Department of the Treasury.
Indiana homeowners who have fallen behind on their mortgage payments are encouraged to contact IFPN by phone at 1-877-GET-HOPE (1-877-438-4673) or online through https://www.877gethope.org/ to be connected with a housing counselor who can help them understand their options to avoid foreclosure.
IHCDA, chaired by Lt. Governor Suzanne Crouch, provides housing opportunities, promotes self-sufficiency and strengthens communities in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice. For more information, visit www.ihcda.in.gov or www.in.gov/myihcda.