Florida Hardest-Hit Fund Offers Help for Homeowners in Hardship

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.