Beginning today, unemployed or underemployed homeowners in Florida, who are having difficulty paying their mortgages and who qualify, will be able to apply for financial assistance from the Florida Hardest-Hit-Fund (HHF).
According to a release from the Florida Housing Corporation, modifications have been made to a pilot program in Lee County initiated last year, to assist struggling homeowners.
While the minimum qualification a homeowner must meet to be considered for assistance under the Unemployment MOrtgage Assistance Program (UMAP), or the Mortgage Loan Reinstatement Payment Program (MLRP) is the same, there are a few changes to the HHF program benefits as follows:
The Unemployment Mortgage Assistance Program, or UMAP, will provide up to $12,000 to pay monthly mortgage and escrowed mortgage-related expenses for up to six (6) months, or until the homeowner can resume making mortgage payments, whichever comes first. In addition, homeowners in the UMAP will be required to pay 25 percent of their monthly income toward their monthly mortgage payment, with a minimum payment of $70 per month.
The Mortgage Loan Reinstatement Payment Program, or MLRP, will provide up to $6,000 to bring the homeowner’s past-due first mortgage current if the homeowner can show the ability to resume making mortgage payments on his/her own; for a homeowner who received funding from the UMAP program, any unused funds up to $12,000 may be used in addition to MLRP funds to help bring the first mortgage current.
UMAP and MLRP program funds will be in the form of a 0% percent, deferred-payment loan; the loan can be forgiven over a five-year period, at a rate of 20% each year.
Homeowners in every Florida county may apply for financial assistance from the fund by using the official HHF website: www.FLHardestHitHelp.org. The site contains all the information users will need to begin the application process, including a program fact sheet, answers to frequently asked questions and links to resources that may be helpful to those experiencing economic challenges.
First announced on February 19, 2010, by the US Department of the Treasury (Treasury), the “Housing Finance Agency (HFA) Innovation Fund for the Hardest-Hit Housing Markets” (HFA Hardest-Hit Fund) provides federal funding to states hardest hit by the aftermath of the burst of the housing bubble.
Florida’s total allocation currently stands at more than $1 billion.
