Help is at hand for state homeowners struggling through the recession. Now $138 million in federal TARP funds being made available in the second round of awards of the “Hardest Hit Fund” to help homeowners avoid foreclosure in areas of high unemployment. In South Carolina, the program will be know as “SC HELP” that will be handled through the SC State Housing Finance and Development Authority. U.S. Treasury Department Assistant Secretary for Financial Stability Herbert Allison says the funds are being allocated to areas that have experienced unemployment rates of 12 percent or greater throughout 2009.
This latest round of TARP funds is earmarked for five states, South Carolina, North Carolina, Ohio, Oregon and Rhode Island. Allison says persons do not have to live in those counties with the highest unemployment to qualify for help from the program. Allison says, in general, the program is designed to help persons with mortgages that are more than 18 months old. Allison says the program is scheduled to be in place until the end of 2012. He adds that in South Carolina, a number of persons may be able to lower their monthly mortgage payment by more than a third.
For more information on the program persons should log on to scmortgagehelp.com or contact the State Housing Finance and Development Authority.