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Applying for Bridge Loan Money to Help with Mortgage Arrearages and Ongoing Payments

Posted by 15789465 on

My last post told you about a new federal program to help homeowners with cash flow problems so they can catch up past due mortgage payments AND receive assistance for regular monthly payments after that.  The program is not yet up and running in Alabama.  The Alabama Housing Finance Agency is still getting set up with staffing, software, etc.  If interested in this program, you should check their website EVERY day for announcements regarding when you will be able to apply. Once word gets out, that money is going to disappear pretty quickly.  Their website is: https://www.ahfa.com/Default.aspx  If you want to link to it, click HERE. You will be looking for announcements about "Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets" or perhaps it will be called "Hardest Hit for Alabama's Unemployed Homeowners."  The words "Hardest Hit" will be in there somewhere, because that's part of the federal program name. Yes, it says "unemployed."  BUT, the federal money is for unemployed and underemployed people--those who are self employed, for example, but their income has decreased dramatically.  It would also include people whose hours have been cut, or who lost their jobs and now work in something that doesn't pay nearly as well.  At least, that's the intent of the federal program. I think Alabama will maintain the same standards for eligibility.

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3 comments

  • Somer, I will post something on this immediately. Thanks for asking. I will do a “post” instead of just responding to your inquiry because all subscribers get notices regarding new posts, but only a few also get notices regarding new comments and responses.

    deniselevans on
  • I have looked on the ahfa website and cannot find anything on this program. Have you heard anything else on this? Thank you for all your help

    Somer on
  • Thanks Denise for your continued help to others with your research and your hard work. Education really does help provide the knowledge needed. It’s nice to have you in our corner.

    Jim Robinson on

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