Monday, April 11, 2011

Florida Housing Launches Hardest-Hit Fund Program Statewide

Unemployed or underemployed homeowners in Florida having difficulty paying their mortgages can apply for financial assistance from the Florida Hardest-Hit Fund April 18. The Florida Housing Finance Corporation has been conducting a pilot of its Hardest-Hit foreclosure prevention program since October, and is now opening them up statewide. The agency has made several changes to the program, which is now expected to provide assistance to twice as many homeowners as previously estimated.
Previously available to homeowners 90 or fewer days delinquent on mortgage payments, the state agency

opened the eligibility requirements for the program in November, allowing homeowners who are up to 180 days delinquent to qualify for the service.

The Florida Housing Finance Corporation has made a few additional changes to the program benefits for the statewide roll-out.

The Unemployment Mortgage Assistance Program (UMAP) now provides up to $12,000 to pay monthly mortgage and escrowed mortgage-related expenses for up to six months or until the homeowner can resume making mortgage payments. In addition, homeowners in the UMAP must pay 25 percent of their monthly income toward their monthly mortgage payment with a minimum payment of $70 per month.