Florida Hardest Hit Fund–State Assistance Plans That Help With Mortgage Payments For Unemployed And Distressed Homeowners

Homeowners in Florida looking for alternative foreclosure prevention assistance from state-specific plans now have options from the Hardest Hit Fund, as it was recently were reported that this particular hard-hit state has begun offering programs that were created with the use of funding from the Treasury Department, that is hoped to address certain issues that homeowners may face in areas like Florida where unemployment and other housing issues have been particularly problematic. There are numerous states across the nation that have been able to implement programs from the Hardest Hit Fund, but some have been slower than others to offer these programs in their state or on a wide scale.

Yet, it was recently reported on HousingWire.com that homeowners may finally see aid from this particular program as Florida has begun accepting applications for homeowners who may be delinquent on their mortgage or in need of unemployment mortgage assistance for a set period of time. According to the Florida Hardest Hit Fund website, homeowners may find financial assistance for these various issues if they meet certain eligibility requirements, as is common in various states that offer HHF assistance to homeowners in a particularly troubling situation.

Distressed homeowners who are either behind on their mortgage, unemployed, or facing a combination of problems with their home loan may have been unable to benefit from federal modification initiatives, like plans from the Making Home Affordable Program, but there are issues that some of these homeowners may face that could be corrected through programs within the federal foreclosure prevention plan. Homeowners can talk with their servicer if they are having problems or consult with Making Home Affordable housing counselors and state housing agencies, as there are, again, extension programs within HAMP they can also address issues like negative equity or underwater home loans if homeowners need aid that goes beyond a simple reduction in their monthly mortgage payment.

However, when it comes to homeowners in Florida, there have been many issues which have arisen in the housing market and employment arena that have led to homeowners being in a distressed financial position, which obviously has overflowed into various areas of their lives, leading to missed payments on home loans and the possibility of foreclosure. For homeowners in Florida though, those individuals who are suffering from mortgage payment difficulties or unemployment and who happen to be a resident of Florida, can claim a distressed property as their primary residence, happen to be unemployed or underemployed at no fault of their own, and can show documentation of financial distress, among other things, may qualify for the Hardest Hit Fund in Florida.

While these programs are no guarantee when it comes to helping homeowners avoid the loss of their home, they are a helpful opportunity and alternative to federal programs like HAMP that can be available for specific homeowners in these particularly troubled areas which may offer foreclosure prevention until homeowners can get back on their feet financially and return to a point where they can pay their mortgage without the need for outside assistance.