As part of an overarching federal effort to give relief to struggling homeowners, Georgia recently implemented a version of the Hardest Hit Fund.
The program expects to help nearly 18,000 Georgia residents achieve a new loan based on their current equity. The funds cover the mortgage for 18 months, or until a consumer can begin supporting their mortgage payments again.
However, while many state residents will likely benefit from the aid, some industry experts suggest the program could run into difficulty when dealing with the banks that must approve the modifications, according to a report from the Augusta television station WJBF.
“These programs and these funds are great ideas but when you go to actually apply them practically and put pen to paper you will find that a lot of people are getting displaced and these funds aren’t being utilized and these are programs aren’t being utilized correctly,” Justin Bolin, the owner of VanderMorgan Realty, told the news provider.
A number of other federal programs have come under fire from critics in recent months. For example, some members of Congress recently took aim at the Home Affordable Modification Program for failing to help as many consumers as intended.