Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.
Today’s current real estate market, and ongoing foreclosure crises, presents all sorts of issues that must be properly navigated. There are many factors contributing to Florida’s nation leading delinquency rates. They include a weak job market, weak economic recovery, and a major drop in home prices. Consequently, Florida’s housing market remains unsettled in large part due to the continued foreclosure crises.
However, Florida homeowners who are struggling to make their mortgage payments may be able to get money from a billion-dollar fund run by the State. According to the Palm Beach Post, thousands of delinquent homeowners may be eligible to receive up to a year and a half worth of mortgage payments. Applications for this program called Hardest Hit will be available next month.
This will be the first time the billion dollar fund will be available statewide. Lee County homeowners were able to apply for the program while the State tested it.
The highest amount a person can receive is $35,000. Hardest Hit is aimed at unemployed homeowners or those who are working but don’t make enough money to pay their mortgage. The money can be used to make loan payments for up to 18 months and to bring delinquent loans current.
The State of Florida believes the program can help about 20,000 people. This is certainly a modest amount of help considering that about 19 percent of Florida borrowers are either in foreclosure or 90 days past due.
In the event a homeowner who accepts funds from this program sells his home within five years or falls back into foreclosure, they will have to return the money to Florida. However, paying back the State takes second place to paying off the bank and other liens on the property.
Since Florida started testing back in October, most major lenders have cooperated. This includes major banks such as Bank of America, Wells Fargo, Chase, and Citimortgage. Fannie Mae and Freddie Mac have also provided directions to servicers regarding the State’s program.
Those who didn’t qualify for funding during the pilot program were denied because many had more than one property or owed more than $400,000 on their loan.
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