Help Coming To Avoid Foreclosure
A $1-billion federal program could help an estimated 40,000 Florida residents from losing their homes to foreclosure.
The Hardest Hit Fund, offered through the Florida Housing Finance Corporation, is due to roll out statewide in a few weeks. There are two forms of help offered through the fund.
The first option provides up to six months of mortgage assistance to unemployed or underemployed homeowners up to a maximum of $12,000. Homeowners must pay 25% of their monthly income or $70 toward their home payment.
The second option will provide up to $6,000 to make a delinquent mortgage current if the homeowner has returned to work or is recovering from underemployment.
To qualify for this program, the homeowner can be no more than 180 days behind on his mortgage payment, must have a monthly housing debt that is more than 31% of gross monthly income, doesn't have a conviction for a mortgage related felony or a bankruptcy that has not been discharged, doesn't have more than one property other than their primary residence, and their fist mortgage must have originated on or before January 1, 2009 and was not seller financed. For more information on this program, go to http://www.flhardesthithelp.org/.
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The Hardest Hit Fund, offered through the Florida Housing Finance Corporation, is due to roll out statewide in a few weeks. There are two forms of help offered through the fund.
The first option provides up to six months of mortgage assistance to unemployed or underemployed homeowners up to a maximum of $12,000. Homeowners must pay 25% of their monthly income or $70 toward their home payment.
The second option will provide up to $6,000 to make a delinquent mortgage current if the homeowner has returned to work or is recovering from underemployment.
To qualify for this program, the homeowner can be no more than 180 days behind on his mortgage payment, must have a monthly housing debt that is more than 31% of gross monthly income, doesn't have a conviction for a mortgage related felony or a bankruptcy that has not been discharged, doesn't have more than one property other than their primary residence, and their fist mortgage must have originated on or before January 1, 2009 and was not seller financed. For more information on this program, go to http://www.flhardesthithelp.org/.
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posted by Terry Ward at 4:32 AM
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