INDIANAPOLIS — Indiana Housing & Community Development Authority (IHCDA) announced their plans to reopen application intake for Indiana’s Hardest Hit Fund (HHF) offered through their Indiana Foreclosure Prevention Network (IFPN). Beginning July 1, Indiana homeowners who have fallen behind on their mortgage due to an involuntary loss of employment or reduction in employment income will have the opportunity to apply for one-time reinstatement assistance of up to $30,000. To apply, call 1-877-GET-HOPE or visit the Web site www.877gethope.org for details.
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 percent. In addition to this, Indiana experienced a high rate of families facing foreclosure, which is why the state was one of 18 states that was awarded HHF dollars by the U.S. Department of the Treasury. The program helped more than 10,000 Hoosiers remain in their homes during the recession.
The new program will cover one-time reinstatement-only assistance for eligible Indiana homeowners for 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. IFPN will also continue 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.