Florida Homeowners to Get Mortgage Paid for Year Under New Hardest Hit Fund Rules

Florida homeowners to get mortgage paid for year under new Hardest Hit Fund rules

by Kim Miller

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.

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Comments
4 Responses to “Florida Homeowners to Get Mortgage Paid for Year Under New Hardest Hit Fund Rules”
  1. incognito123 says:

    It does help people, however, bottom line is that it is still a fraud and not hitting the real problem directly, as even the “money” for the hard hit is being paid to entities that are not owed money. We are still kicking the can down the street and not trying to correct the problem.

  2. Ray says:

    The Obama Bucks are flying,could this generosity have anything to do with Florida being a Swing State?

  3. Equity Free says:

    Still makes no economic sense , house cost 300k, lucky to get 100k today …..

  4. readdocs says:

    Carrot and stick.

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