Everything You Need To Know About Mortgages

Florida homeowners to get mortgage paid for year under new Hardest Hit Fund rules (Palm Beach Post)

Changes to Florida’s more than $1 billion Hardest Hit Fund announced today
will increase the amount of time homeowners can get mortgage assistance and
eliminate roadblocks that have stymied program eligibility.

The Florida Housing Finance Corporation board approved the new rules in a
meeting this morning in Jacksonville, but they must still get approval from
the federal government.

Nationwide, $7.6 billion has been doled out to states with the most devastated
housing markets through the Hardest Hit Fund, which was announced in February
2010. But a report released earlier this month said the programs, which are
developed and administered by individual states, have been slow to start up
and have helped too few homeowners.

Florida’s changes include increasing the number of months homeowners can have
their mortgages paid from six months with a $12,00 cap on payments to 12
months with a cap of $24,000.

For homeowners who need to bring their mortgage payments current, the cap on
payments was lifted from $6,000 to $18,000.

Also, the changes eliminate the requirement that homeowners be less than
180-days late on their mortgage payments. The new program says only that the
homeowner cannot be in foreclosure to be eligible.

“We’re very …

Palm Beach Post

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