The Hardest Hit Fund Rhode Island (HHFRI) program, funded by the U.S. Treasury and administered by Rhode Island Housing, helps eligible Rhode Islanders prevent foreclosures of their homes.
There are four programs under HHFRI:
- Temporary & Immediate Housing Assistance: Financial assistance to help avoid foreclosure. Funding can be used to pay delinquent mortgage payments, property taxes, homeowners insurance, association dues or other property-related expenses
- Loan Modification Assistance: Financial assistance to help the homeowner achieve a permanent loan modification. Funding can be used in a variety of industry accepted methods to permanently modify the first mortgage in an effort to achieve an affordable monthly payment
- Mortgage Payment Assistance: Financial assistance via a monthly mortgage payment supplement. Homeowner must contribute a percentage of household income toward the mortgage payment
- Moving Forward Assistance: Financial assistance to homeowners who have suffered a severe financial crisis and can no longer stay in their home. Assistance is available to facilitate a short-sale or deed-in-lieu as well as relocation assistance.
You may qualify for HHFRI funding if you have a documented financial hardship that has affected your ability to pay your mortgage, such as: unemployment or underemployment; death or disability of a key wage earner; or unforeseen medical expenses. You must have exhausted all options to maintain your mortgage payments and avoid foreclosure.
- You own a 1-4 family home or condominium and occupy it as your primary residence.
- Your gross annual income is less than $89,280 if there are 1 or 2 people in your home; or less than $104,160 for a household of 3 or more.
- Your monthly mortgage payments, including taxes and insurance are greater than 31% of your gross monthly income.
- You have no financial resources of your own (except for $15,000 or less in savings). You can have any amount in a retirement account such as 401(k) or IRA savings plan.
How to Apply
Fill out an on-line application. The HHFRI application and lender acceptance process may take several months. Stay involved, fill out all the required paperwork, and keep in contact with your lender and HHFRI representatives throughout the process.
For more information you can:
- Visit hhfri.org
- Call (401) 277-1500
- Email infoAHHFRI.org