We called it a band-aid, and at least for some South Florida homeowners, it’s proving to be just that. The Palm Beach Post profiled several homeowners who were among the first to receive benefits from the program. Sheryl Stuart, a Jupiter homeowner whose business went under, applied for help through the mortgage relief program, and is about to see her payments end next month. Hardest Hit only entitles qualified homeowners up to six months of mortgage assistance.
Stuart told the Palm Beach Post that even though she’s found a new job, her salary won’t be able to cover her mortgage payment once she stops receiving aid from Hardest Hit. She’s frustrated that she’s about to be right back where she started when she applied for aid in the first place.
“In this economy, to think you can turn your life around in six months is totally ludicrous,” Stuart said in the article, “The working class is quickly slipping into a black hole.”
The truth is this program, however well-intentioned it might have been, is just not enough. What Hardest Hit is essentially doing is giving homeowners a nice seafood dinner, when they really need to learn how to fish.
It scratches the surface but for people like Stuart it might just delay the inevitable. Unless you’re giving homeowners a solid two years of payment relief, you’re not giving these people time to go back to school, improve their financial standing, and really turn their lives around.