U.S. Treasury at Fault for Ineffective Plan to Help Florida Homeowners

by Isaac Benmergui, Esq on April 20, 2012

The State of Florida’s Hardest Hit Fund was supposed to prevent nearly 40,000 Florida homeowners from being hit by foreclosures, instead the program, backed by the U.S.Treasury Department, helped only 3,400 people, said the results of a federal audit.

Hardest Hit Fund Ineffective for Florida Homeowners

The Office of the Special Inspector General for the Troubled Asset Relief Program conducted the audit and found that the Treasury didn’t assist the states by persuading the nation’s big banks into participating in the program. The states simply couldn’t entice or mandate the banks to use the program.

The Hardest Hit Fund was supposed to help homeowners with less than 180 days of delinquency on their mortgage. If the homeowner was unemployed, they could receive up to six months (or $12,000) of mortgage payments. If the homeowner had a job, they could receive up to $6,000 to bring the mortgage current.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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