Mortgage Prevention Program Will Help Homeowners
Recently, a program developed by the Florida Housing Finance Corp. was approved for changes by the U.S. Treasury Department. These changes will significantly impact Florida residents struggling with their mortgages in these tough economic times. For more information on mortgages, view publisher site here. The program is titled the Hardest Hit Fund and helps unemployed or underemployed residents pay their mortgage on their home until they find jobs, avoiding foreclosure.
The program is going through several major changes, including:
- Eliminating the cutoff date that restricted loans to those who took out a mortgage before 2009
- Using a case-by-case analysis, instead of requiring that a person be no more than 180 days behind
These changes hold promise for the acceptance of many more into the program, even those previously turned down. Other requirements for the program include:
- Florida residency
- Being unemployed at no fault of one’s own
- Using the home as the primary residency
- Having a mortgage balance of less than $400,000
Qualifying will mean that a person in the program can receive a maximum of $24,000 over a period of 12 months or up to $25,000 to bring the balance up to date. The changes by the FHFC will take place later this month and are anticipated to help many families until they can get back on their feet.
These changes can seem a bit complex, and the law is sometimes difficult to sift through. Legal assistance is always available for someone trying to navigate new laws and changes.
Florida is in a state of change, and hopefully this change brings peace of mind to many of its residents.
Source: The Florida Current, “Housing agency expands eligibility for foreclosure prevention program”, Gray Rohrer, June 5, 2012