President Obama established the “Hardest Hit” fund in 2010 as part of the Troubled Asset Relief Program (TARP), identifying 18 states “Hardest Hit” by the recession and housing crisis. In late 2010, those states were recipients of federal funds to help homeowners facing foreclosure. For a list of those states go to www.financialstability.gov then click on Road To Stability then click on Hardest Hit Fund. You will find the names of the 18 Hardest Hit states and the amount allocated to each to help homeowners. Each state is developing a slate of programs (with federal oversight) that will allocate funds to those most in need.
In Oregon (one of the Hardest Hit states), the first program developed will pay a homeowner’s monthly mortgage payment for one year or up to $20,000, whichever comes first. Qualifications for the program are found at www.oregonhomeownerhelp.org.