Florida Launches Pilot Program for Unemployed Homeowners

On Monday, the Florida Housing Finance Corporation will launch a pilot program to help unemployed and underemployed homeowners with their mortgage payments. The pilot will test the waters for the state's planned use of its federal dollars allocated through the Treasury's Hardest Hit Fund. Assistance is only available to Lee County homeowners during the 90-day pilot period, but officials say they plan to go statewide during the first part of 2011.

http://www.floridahousing.org/

https://www.flhardesthithelp.org/

The Unemployment Mortgage Assistance Program (UMAP) will provide up to 18 months of first mortgage payments directly to the lender on behalf of unemployed/underemployed homeowners until they can resume making payments on their own. 

The Mortgage Loan Reinstatement Payment (MLRP) Program will be used to bring a delinquent mortgage current for homeowners who have returned to work or recovered from underemployment.


Both UMAP and MLRP program funds will be in the form of a zero percent, deferred-payment loan. The loan can be forgiven over a five-year period, at a rate of 20 percent each year.