Florida’s Hardest Hit Fund Revised to Help Struggling Homeowners

by Isaac Benmergui, Esq on May 14, 2012

The $1 billion Florida Hardest Hit Fund is being majorly overhauled in order to clear the way for previously ineligible Florida homeowners to claim a share of the U.S. Treasury-backed aid. Previously roughly only 5,500 homeowners were able to take part in the program, while tens of thousands were deemed not eligible.

The fund offers two types of assistance to struggling homeowners: monthly mortgage payment assistance and a lump sum payment to help homeowners catch up on their past due mortgage. So far with the low participation figure, only $101.8 million of the $1 billion has been distributed.

In order to fix the eligibility problems in Florida’s Hardest Hit fund, the following changes have been made:

Homeowners will now be eligible to receive assistance from the fund, if:

  • They are more than 180 behind on the mortgage
  • They owe more than twice the current value of their home
  • The mortgage originated after 2008

Also,

  • Assistance for unemployed homeowners will be extended from six months to 12 months; maxing out at $24,000.
  •  Lump sum assistance will increase from $6,000 to $25,000
  • Condominium owners will no longer be required to have a Fannie Mae or FHA condo.

Getting Legal Help

If you are facing foreclosure, 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.

 

 

Previous post:

Next post: