Great news! The state of Florida is expanding a $1,000,000 federal program that will keep up to 40,000 Florida residents from losing their homes to foreclosure. This could beÂ huge!
A date has not been announced quite yet, but officials from the Florida Housing Finance Corporation will soon inform us of when this program will be taking effect.. That information is expected wihtin the nextÂ 2 weeks.Â Â The program, which isÂ called the Hardest Hit Fund, wzs a pilot program in Lee County last year and will now go statewide.Â
Help with this program will come in 2 ways:
a.Â Â Â Option oneÂ - up to 6 months of mortgage assistanceÂ to be provided (up to $12,000) for unemployed or underemployed homeowners. Homeowners will be required to pay 25% of their monthly income or a minimum amount of $70 toward their mortgage payment.
b.Â Â Â The second option will be to provide up to $6,000 to bring a delinquent mortgage current if the homeowner has returned to work or is recovering from underemployment.
To be eligible for the aid, a homeowner must be no more than 180 days behind on their mortgage payments. Also, the home must be a primary residence, not an investment property.