By: Carrie Bay
GMAC Mortgage, the mortgage subsidiary of Ally Financial based in Fort Washington, Pennsylvania, said Tuesday that the company has signed contracts with all states participating in the Treasury Department’s Hardest Hit Fund (HHF).
The HHF program was established to provide targeted aid to homeowners in states hit hard by the economic and housing market downturn, specifically, states where unemployment rates are above 12 percent and home prices have experienced the steepest drops.
Housing finance agencies in these states have received federal aid in the form of grant money from Treasury to develop their own foreclosure prevention and mortgage assistance programs to address the specific needs of struggling homeowners in their communities.
Since the HHF was established in February 2010, GMAC Mortgage says it has worked continuously to ensure that the federal funding can be delivered to distressed borrowers in every eligible state.
The HHF participating states are: Alabama, Arizona, California, Washington D.C., Florida, Georgia, Kentucky, Indiana, Ohio, Michigan, New Jersey, Rhode Island, South Carolina, Tennessee, North Carolina, Nevada, Oregon, Illinois, and Mississippi.
“GMAC Mortgage is committed to helping borrowers in distress,” said Tom Marano, CEO of Ally Financial’s mortgage operations. “Providing our customers with as many options as possible for affordable and sustainable payment relief remains our top priority.”
Marano says GMAC has already been able to provide assistance through the HHF programs to borrowers throughout the country.
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