Florida has been deemed one of the hardest hit states when it comes to factors like housing and unemployment, but recent data from the Treasury Department has shown that assistance options like federal modifications have seen increases in some of the major cities that were surveyed within this HAMP information. While some of the major focuses may be on cities like Miami, Fort Lauderdale, in Orlando, these increases in the number of permanent modifications that have been tracked could be a positive indication that Florida homeowners, like others, may be finding more success when it comes to getting this particular type of mortgage payment reduction assistance.
However, homeowners should be aware that modifications are not the only opportunity that this particular state may have as there are also options from the Hardest Hit Fund that may be available. Yet, not all of these foreclosure prevention options are perfect and advisers have often suggested that homeowners in states like Florida, which again were particularly hard hit by the economic downturn, explore a variety of plans that may help them find affordability and sustainability when it comes to their mortgage payment.
As prolonged levels of unemployment may make certain options, like modifications, unhelpful for some, it’s worth looking into programs like forbearance options or state-specific aid that are particularly tailored to homeowners without a job. While a cross-section of information in these major cities in Florida has shown that, in total, permanent modifications have increased in major metropolitan areas, this does not mean that a modification is right for every homeowner nor will every individual seeking this type of assistance find what they’re looking for.
Understandably, if a homeowner’s only income happens to be from unemployment benefits, this is a short-term solution to their financial problems and once the unemployment benefits are no longer available a homeowner may find themselves potentially facing foreclosure once again. Yet, it’s for this reason that options like the Home Affordable Unemployment Program was made available to offer a forbearance on mortgage payment obligations and these various states that have implemented unemployment assistance may offer such options as dischargeable loans or even payments to a homeowner’s mortgage servicer for a set period of time.
Again, Florida is not the only area where mortgage payment assistance is still needed, but it is home to some of the major metropolitan areas that have seen success in terms of the Making Home Affordable Program, but there are still issues that homeowners have faced when it comes to servicer participation in certain programs, the affordability of a home loan modification payment, and factors like negative equity and unemployment have also remained a troubling area for certain individuals. Yet, it’s hoped that as continued efforts in HAMP show some positive results and alternatives remain available, more homeowners in hard-hit states like Florida will continue to receive aid and avoid the loss of their home until a time where their financial situation can improve.