Florida was one of the states which was particularly affected by the recession and factors like unemployment and underwater mortgages. As a result, assistance from the Hardest Hit Fund was made available to offer various assistance programs to Florida residents. While there are currently limited assistance opportunities available, the Florida Hardest Hit website indicates that these programs should be available statewide in 2011.
Many states have implemented similar programs and are hoped to offer homeowners who are suffering from various difficulties the assistance they need so that they can avoid foreclosure. Obviously, the reduction in property values and factors like unemployment have led many homeowners to either find themselves in a position where they can’t meet their home loan payment or feel their situation is hopeless and have simply walked away from their mortgage.
Yet, the Florida HHF program is hoped to address issues for unemployed homeowners and those who are delinquent on their mortgage. Funding may be given to unemployed homeowners so that they can make their monthly payments or assistance may be given to homeowners who are behind on their monthly mortgage payment to bring their payments to a current status. Obviously, these two programs may bring assistance to numerous homeowners, as cutbacks in income have caused many to fall behind on their mortgage payments and, understandably, unemployment has many homeowners in a position where they cannot meet their monthly payment obligation at all.
Again, these assistance plans have not been offered to all homeowners in the state of Florida, but it is hoped that more will be assisted in the early part of 2011. While there may be requirements that could exclude certain individuals from taking advantage of these opportunities, these plans which have been implemented by assistance through the Hardest Hit Fund are hoped to bring alternative assistance options to homeowners at a state level.
While some of these assistance plans do mirror national mortgage assistance programs, like home loan modifications, they may be more helpful as homeowners will be receiving assistance from state housing agencies that may somewhat differ from federal assistance available through the Making Home Affordable Program.