About HHFRI
The Hardest Hit Fund Rhode Island will only be available to homeowners who have a documented financial hardship and have exhausted all options to maintain mortgage payments and avoid foreclosure. Assistance will vary but generally includes help obtaining a loan modification from your lender as well as help in making mortgage payments while unemployed or underemployed.
General program information
HHFRI will address your unique situation and generally breaks down into the following areas:
- Help to make mortgage payments while unemployed.
- Help to make an immediate payment to save your home such as unpaid property taxes.
- Help to obtain a loan modification from your lender.
- Help to assist homeowners, who are in a severe financial crisis, to relocate.
Some of the qualifications
You may qualify if:
- You own a 1- to 4-family home or a condominium, live in the building and do not own other real estate.
- Your gross annual income is less than $87,800, if there are 1 or 2 people in your home; or less than $102,400 for a household of three or more.
- Your monthly mortgage payments, including taxes and insurance, are greater than 31 percent 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 a 401k or an IRA.
- Members of the US Armed Forces who have experienced a drop in income due to deployment. (This applies to all enlisted personnel in regular and reserve units of the Army, Navy, Air Force, Marines and Coast Guard.)
- You have a documented financial hardship that has affected your ability to make your mortgage payment, such as:
- Unemployment or underemployment;
- Death or disability of a key wage-earner;
- Unforeseen medical expenses; and
- Costly home repairs due to the Spring 2010 flooding.
Note: A loss of home value alone does not constitute a financial hardship.
HHFRI Quarterly Performance Reports
Click below to view HHFRI quarterly performance reports to the U.S. Treasury:
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Q4 2010