Really just a band-aid, Florida’s Hardest Hit Program comes at a time of desperate resuscitation. With Florida’s $1 billion foreclosure prevention program just getting underway, South Florida counties lead the state in the amount of applications received, according to numbers released this week by Florida Housing officials.
In the program’s first week, 9,439 homeowners across the state applied for funds from the “Hardest Hit” program, with Broward County well ahead with 1.638, well ahead of all other counties. Miami-Dade was 2nd with just over 1,000 and Palm Beach County came in 4th with 939. Orange County was the only non-South Florida county among the top 4, and after those 4 the amount of applications drops off considerably.
Foreclosure attorney Roy Oppenheim told the South-Florida Sun-Sentinel in a cover story this week he was not shocked by those numbers.
It’s not surprising that Broward and Miami-Dade lead in applications for aid, according to Oppenhein, because those are Florida’s most populated counties.
“I hear one story after another,” he added. “It’s heartbreaking. And I don’t have a quick fix.”
However the Florida Hardest Hit Fund, which was launched April 18th by Florida Housing Finance Corp., does help homeowners get back on the right track.
You can apply for financial assistance at their official website, Flhardesthithelp.org
So what exactly does the Florida’s Hardest Hit program do?
If you’re unemployed, or don’t make enough money to cover basic living expenses, the Unemployed Mortgage Assistance Program will give you up to $12,000 to pay your mortgage and escrowed mortgage related-costs. The plan will cover you for up to six months or until you are able to start paying your mortgage, whichever comes first.
However if you qualify it doesn’t mean that you don’t have to pay your mortgage at all. In order to receive the money, the program requires you to pay 25% of your mortgage, with a minimum payment of $70.
In addition, the Mortgage Loan Reinstatement Payment Program will provide an additional $6,000 to help you bring your delinquent mortgage current if you can prove that you can start making payments on your own. If you also receive money from the UMAP, any unused funds can also be used to help bring your mortgage current.
Both come as a 0% deferred payment loan which can be forgiven over a five year period, at a rate of 20% each year.
Tell us your thoughts or see Oppenheim Law for more answers and help.