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Florida State Mortgage Help-So You Can Stay in Your Home
Florida State Mortgage Help is available for those in danger of losing their home. A number of Florida mortgage aid programs are offered along with emergency housing assistance and public housing. Bankruptcy and credit counseling are offered for those in this situation along with other resources. No matter what type of help you need when it comes to your home, look no further than Florida Prevention Resources to help you get your life back on track.
Read more about the programs
The Florida HFA Hardest-Hit Fund
The Florida HFA Hardest-Hit Fund is administered by the Florida Housing Finance Corporation under the direction of the US Treasury. The goal of this fund is to create and administer assistance programs for those in danger of foreclosure. As Florida has its own unique issues, the program is designed specifically for those in the state. Florida is required by the United States Treasury to make a portion of the funds available to those who are unemployed in order to provide assistance to those who are eligible and in need of Florida Mortgage help.
The Unemployment Mortgage Assistance Program, or UMAP, is a program that makes monthly mortgage payments for a homeowner for a period of 12 months, until the cap of $24,000 has been met or until the homeowner is able to make payments again, whichever comes first. In addition to paying the mortgage payments, escrow expenses related to the mortgage are also paid. This includes homeowner insurance, property taxes, etc. and these funds are part of the 12 month, $24,000 cap.
If one is behind on the first mortgage and qualifies for assistance under this program, the fund will pay up to $18,000 to bring the mortgage current. This allows the first mortgage to be reinstated before the UMAP payments starts. Any homeowner who has had a reduction in income of at least ten percent, is underemployed or underemployed and this situation is no fault of their own may qualify for the program. Financial hardship must be shown in order to qualify.
The Florida HFA Hardest-Hit Fund offers another program designed to help homeowners in need. The Mortgage Loan Reinstatement Payment, or MLRP, program is designed to help those who are now able to make their mortgage payment, but remain past-due on a first mortgage due to unemployment or underemployment which resulted in a minimum of a ten percent reduction in income. To qualify for this one time payment of up to $25,000, you must now show that your mortgage, including all mortgage-related escrow expenses, is less than 31% of your gross monthly income. In addition, you must file a hardship affidavit while also meeting program underwriting and eligibility guidelines.
The Making Home Affordable Program
The Federal government, under the direction of the Obama Administration, has created a program to help those in need of Florida Mortgage Payment Assistance. This program brings together the federal government and the mortgage industry with a goal of stabilizing the housing market. Under this program, you may be able to reduce your monthly mortgage payments or take advantage of a reduced interest rate. Mortgage relief is available for those who are seeking re-employment and for those who find their homes are now worth less than they owe. If you are in this situation, relief is available through this program. In addition, you can avoid foreclosure even when you find that owning a home is no longer something you wish to do. Military personnel make use of this program when permanently displaced as the result of a job-related move also.
Foreclosure Mitigation Counseling
A number of counseling programs are offered for those who find themselves in danger of foreclosure. Check with the local housing development corporation to determine if a counselor is located in your area. If not, the Florida Housing Finance Corporation maintains a list of counselors across the state. Many other agencies offer this type of list also. Work with a counselor to determine what your options are and if there is a way you can afford foreclosure and keep your home. Many counselors operate through the NeighborWorks America’s National Foreclosure Mitigation Counseling Program.
If you aren’t in danger yet of losing your home, but feel you could be in the very near future, due to your current financial circumstances, contact the National Foundation for Credit Counseling. They will work with you to determine this risk and may be able to offer suggestions to help you get your finances back into shape so you don’t have to worry about this happening. Visit them at www.HousingHelpNow.org to learn more and take their online quiz. This site is offered in Spanish also.
Homeowners who are in need of a loan modification can turn to Hope Now for assistance. This organization offers a number of resources for home owners and military alike. With their Home LoanPort web-based tool, Hope Now streamlines your application for home retention if you are at risk of foreclosure. Housing counselors transmit your completed application to the appropriate mortgage company. This eliminates the risk of lost paperwork while also making it easier for the mortgage company to reach a rapid decision. This is just one of many resources offered by this organization.
Foreclosure is a situation that many are facing. If you find you are unable to make your mortgage payment for any reason, contact your mortgage lender immediately. By diong so, you will often find that they can come up a with a program to assist you in getting back on track. If they are not able to, make use of one of the many Florida mortgage aid programs available. You may be able to keep your home and improve your finances at the same time.
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