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Florida Hardest-Hit Fund Offers Help for Homeowners in Hardship

Florida Housing Finance Corp. launched the 'Hardest-Hit Fund' Program in mid-April for homeowners at risk of losing their homes to foreclosure. Could this be your 'godsend?'

The "Foreclosure Crisis" is a current topic of real estate news, both nationally and locally, that rages on. Although we are seeing signs that the situation is stabilizing, we certainly still do have a long way to go.

Within the local real estate community and, more directly, within my own office at Keller Williams of Manatee, conversations around this constantly evolving topic of real estate news is frequent and sometimes lively. We typically share information with each other that we hear or read about that might benefit our clients. This week, one of our own, Ruth Lawler, who is a member of Manatee County Affordable Housing Task Force and Advisory Board, brought to our agents' attention a fairly new resource for Florida homeowners in hardship situations called Florida Hardest-Hit Fund, supported by The Florida Housing Finance Corp.

In Ruth’s own words, “Sharing this information with clients and community residents could potentially save some from foreclosure.”

Here are the 'FHHF' highlights:  

As of April 18, 2011, homeowners either unemployed or underemployed are now able to apply for financial assistance from the Florida Hardest-Hit Fund.

Florida Housing Finance Corp. has designated $1 billion to the Florida Hardest-Hit Fund for subsidizing two of Florida Housing's programs with the goal of helping distressed homeowners who meet all of the program requirements to avoid foreclosure and to stay in their homes.

The two options for homeowners that are offered by the Florida HHF are:

  • The Unemployment Mortgage Assistance Program or UMAP – which provides up to $12,000 to pay the monthly mortgage payment along with any escrowed mortgage related expenses, for up to six months to a homeowner who meets all the requirements.
  • The Mortgage Loan Reinstatement Payment Program or MLRP – assists the qualified homeowner with up to $6,000 to bring a delinquent first mortgage current, provided that the homeowner can demonstrate future ability to carry on making their mortgage payments on their own. 

Requirements for these programs are quite extensive and in order to receive assistance an applicant must satisfy every one. Application is free and can be found here: FHHF APPLICATION.

Please see the attached PDF document for frequently asked questions, and also visit the FHHF website for complete information and a full list of requirements:  www.FlHardestHitHelp.org. You can also meet withan FHHF adviser with Bradenton Housing & Community Development. Call 941-932-9400, ext. 481 or 493, or e-mail lesa.livingston@cityofbradenton.com.

 

 

ralphellison44 May 24, 2011 at 10:00 AM
We're currently in the midst of the greatest mortgage refinancing frenzy of the past 5 or 6 years. Rates are now the lowest they've been since mid to late 2003, I worked with a company called "Mortgage Refinance 123" I refinanced my current mortgage to 3.12% search online for them if you are planning to do refinance.
Ruth Lawler May 24, 2011 at 05:52 PM
Well written article, Wendy. Important for citizens to know there is some relief out there, even though it means navigating through red tape and bureaucracy .
Wendy Herndon May 25, 2011 at 03:00 AM
btw... Jason (my awesome editor!) thanks for adding the local FHHF advisor's contact info. Makes it faster and easier for home owners to get assistance.
jerryaustin256 May 25, 2011 at 11:10 AM
How do you find good refinance rates? I like "Mortgage Refinance 123". They gave me the option of selecting various rates with different problems. I choose the lowest rate of 3.29% BTW Remember to call and verify the loan rate. Search online to find them.
Wendy Herndon May 25, 2011 at 11:29 AM
Your trusted Real Estate professional is a also great resource for recommendations for local lenders.
Wendy Herndon May 25, 2011 at 11:30 AM
Ruth, Getting this information into the hands of those people who may benefit from it is the first step. Hopefully others will share this article in order to get the word out to home owners in our community who need to be alerted to this resource. Thank you for sharing this information with me so that I could pass it on!

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