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Florida Hardest Hit Fund

The Florida Hardest Hit Fund offers good news to Floridians struggling to meet mortgage obligations. This program is available through the Florida Housing Finance Corporation to help distressed homeowners facing foreclosure.

Two programs are available through Florida Hardest-Hit Fund. The Unemployment Mortgage Assistance Program (UMAP) offers financial assistance to Floridians who are unemployed, underemployed, or incurred a reduction in income.

The Mortgage Loan Reinstatement Program (MLRP) offers funds to Florida homeowners to help them cure mortgage arrears on their first mortgage

Both programs have strict eligibility requirements which may prohibit those who need help the most from qualifying for the program. Florida Hardest-Hit eligibility guidelines are divided into three sections and include: household eligibility requirements, property eligibility requirements, and mortgage eligibility requirements.

It's important to note that even if Florida homeowners meet all eligibility requirements they might still be denied by their mortgage servicer. Unfortunately, this program does not offer any guarantee of foreclosure prevention assistance. The only way to know if you qualify is to speak to a bank loss mitigator.

Homeowner eligibility requirements for Florida Hardest-Hit Fund encompass nine factors along with two exclusions. Applicants must be a Florida resident and legal U.S. citizen or legal alien. They must occupy the home as their primary residence.

Homeowners must be unemployed or underemployed and total household income must fall below 140-percent of Florida's median income level. Additionally, homeowner's mortgage debt must exceed 31-percent of total household income.

Applicants are required to have a checking or savings account in which ACH payments can be debited. Homeowners cannot have filed personal bankruptcy, nor convicted of mortgage-related felony within the previous 10 years.

Property requirements state that real estate must be a single-family home, condominium, townhome, manufactured or mobile home, or a two-, three-, or four-unit dwelling of which one unit is occupied by the homeowner.

Mortgage requirements state the first mortgage is serviced by mortgage lenders that are participating in the Florida Hardest-Hit program. Mortgage installments cannot be more than 180 days past due. The first mortgage must have originated on or before January 1, 2009 and the outstanding balance cannot exceed $400,000.

Floridians can apply for help through the Florida Hardest-Hit Fund website. Homeowners should organize information pertaining to first and second mortgages, household wage earnings, bank account information, and have a current tax return on hand.

Qualified applicants can receive up to $12,000 under the Unemployment Mortgage Assistance Program to cure past due payments against the first mortgage, or up to $6,000 under the Mortgage Loan Reinstatement Payment Program.

Program details, eligibility requirements, and online applications are provided at Homeowners who find the process confusing or uncertain if they qualify may find it advantageous to obtain HUD housing counseling.

Unfortunately, this program has been victim of massive government budget cuts and is expected to lose over $80 million in funding. Those who require help should contact HUD sooner than later.

If you are looking for solutions to stop foreclosure we invite you to browse our foreclosure help article library. Here you'll find resources and information about available foreclosure programs, strategies to avoid foreclosure, and debt help solutions.

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Published on June 08, 2011 at 02:43 AM

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