Homeowners in Florida have been some of the hardest hit residents to have faced a home loan problem concerning affordability and devaluation in their property. However, home loan modification programs have been made available through various servicers in the states which have been particularly hurt by mortgage difficulties and through homeowner assistance plans from the Making Home Affordable Program, foreclosure prevention efforts remain in place for those in need of aid when it comes to avoiding the loss of their home.
Recently, the Making Home Affordable Program released data which tracked Making Home Affordable activity through various metropolitan areas in particular states. For Florida, areas like Cape Coral–Fort Myers had seen 2,898 permanent modifications as of November 2010, Daytona Beach and surrounding areas had seen around 1690 permanent modifications, and Tallahassee had seen 359 permanent home loan modifications as of the report release date.
While these counties are not exhaustive and there are various homeowners throughout Florida who have received home loan modification assistance, areas like Florida which have been struggling to overcome various housing difficulties have also found that home loan modification programs and extension plans can be beneficial for a variety of homeowners. Top servicers in the Making Home Affordable may be able to offer homeowners either a traditional home loan modification or assistance plan like second lien modifications, or the Unemployment Program assistance initiative which is set to address homeowner issues where unemployment may be a problem.
Obviously, Florida is not the only state where homeowners may receive a home loan modification, but since this area has been one of the states which has seen a great deal of difficulty and homeowners have continued to struggle, there are programs from the Hardest Hit Fund that can help homeowners who are behind on the mortgage or are facing unemployment and the potential loss of their homes as a result.
Throughout the nation, homeowners are being prompted to either contact their servicer early if difficulties arise or discuss options with a reputable housing counselor which may be beneficial to homeowners when it comes to acquiring a home loan modification, as these counselors may be able to not only guide homeowners through the modification process but they could also help homeowners with budgeting so that their finances and mortgage payments do not become burdensome. Understandably, foreclosures remain a problem in Florida, as is the case across the nation, but the foreclosure prevention plans still in place in these hard-hit areas do offer options outside of simple traditional modifications in the hopes of keeping more homeowners in their home while their personal financial life improves.