Florida's mortgage aid program leaves many confused Daytona Beach News-Journal
HARDEST-HIT FUND
AT A GLANCE
The federal government created the HardestHit Fund in January 2010 for 18 states where the housing markets were the worst affected by the recession.
Florida was given $1 billion to temporarily help homeowners, who, through no fault of their own, found themselves unemployed or underemployed, stay in their homes.
Initially, eligible homeowners could get up to $35,000 in mortgage assistance for 18 months. It was reduced before kicking off statewide to a maximum of $18,000 for six months.
The Hardest-Hit program offers two different forms of assistance:
1. An Unemployed Mortgage Assistance Program, which provides up to $12,000 for six months to pay the mortgage until the homeowner resumes payments. Under this program, homeowners have to contribute 25 percent of their monthly income or at least $70, which ever is higher.
2. A Mortgage Loan Reinstatement Payment Program, which is capped at $6,000 for six months to pay past-due mortgage payments as long as the mortgage is less than 180 days delinquent.
Article with more good news: New rules to simplify refinancing
Troubled homeowners hoping to refinance could find it easier in late Dec. or early 2012; details will be released soon. Read more.
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