Joe Foster's Blog

New Fund in Florida Offers Help for Struggling Homeowners

The "Foreclosure Crisis" is a constant topic of real estate news and there is no end in sight at the speculation. We have been seeing signs (as subtle as they may be) that the market is stabilizing, but we still have a very long way to go. In an effort to ease the financial burden of those who are at the highest risk of foreclosure, The Florida Housing Finance Corp. has launched the Florida Hardest-Hit Fund program in mid-April for homeowners at risk of losing their homes to foreclosure.

Through this program, homeowners who are either unemployed or underemployed can now apply for financial assistance from the Florida Hardest-Hit Fund.

Florida Housing Finance Corp. has designated $1 billion to the Florida Hardest-Hit Fund for subsidizing two of Florida Housing's programs with the goal of helping distressed homeowners who meet all of the program requirements to avoid foreclosure and to stay in their homes.

The two options for homeowners that are offered by the Florida HHF are:

• The Unemployment Mortgage Assistance Program or UMAP – which provides up to $12,000 to pay the monthly mortgage payment along with any escrowed mortgage related expenses, for up to six months to a homeowner who meets all the requirements.

• The Mortgage Loan Reinstatement Payment Program or MLRP – assists the qualified homeowner with up to $6,000 to bring a delinquent first mortgage current, provided that the homeowner can demonstrate future ability to carry on making their mortgage payments on their own.

Requirements for these programs are quite extensive and in order to receive assistance an applicant must satisfy each one. Applications are free and can be found here: FHHF APPLICATION.

Please visit the FHHF website for complete information and a full list of requirements: www.FlHardestHitHelp.org.