Florida Hardest-Hit Fund to Hit All of FL By the End of February

For families in Florida that were struck hard by the current economic conditions, the tides are about to turn. Already introduced to Lee County, and soon to flood the rest of the state is the Florida Hardest-Hit Fund.Mobile Applications Florida

The Florida Hardest-Hit Fund was created by the Florida Housing Finance Corporation (directed by the US Treasury), in an effort to offer foreclosure prevention assistance. There are two separate programs, depending upon the situation.

First, the Unemployment Mortgage Assistance Program (UMAP) is for homeowners who are unemployed, underemployed or have suffered wage losses due to death, divorce or disability. The second program is the Mortgage Loan Reinstatement Payment Program (MLRP). This program is for homeowners who are past due on their mortgage because of a reduction of income, but have regained said income and have the ability to continue making mortgage payments.

To be eligible for this program, you must meet all of the homeowner, property and mortgage requirements. Here is a quick rundown of what is necessary to qualify: Logo design Florida

The homeowner must be a resident of the United States and Florida, and occupy the property as their primary residence. They must be unemployed, or underemployed, due to some hardship such as being laid off. The total household income must be below 140% of the AMI (Area Median Income). Also, the combined monthly cost of the mortgage principal, interest, taxes and insurance must be greater than 31% or the total household's gross income after the financial hardship event.

The property must located in Florida, and can be a single family home, condominium, townhome, or mobile home on a permanently fixed foundation.

As far as the mortgage goes, it must be with a regulated financial institution. The first mortgage cannot be more than 90 days late at the time of the application. The mortgage must also have been originated on or before January 1,2009, and the outstanding balance must be less than $400,000.

You may not qualify for a few reasons:

A homeowner may not have a seller financed mortgage, a bankruptcy has not been discharged or dismissed, or a mortgage-related felony conviction in the past 10 years. Also, the property must not be abandoned or vacant and the homeowner may not have more than one property. Also, homeowners must not be involved in pending mortgage litigation.Web Design Agency Florida

If the homeowner qualifies, they may receive up to $35,000, which is paid directly to the loan servicer. These funds are in the form of a 0% interest and differed payment loan, that will be forgiven over a five-year period. (20% per year). These funds will only have to be paid back if the home is sold prior to the end of the loan. (5 years ).

Lee County is currently the pilot area, and started accepting applications in late October. The program is due to be released to the rest of Florida by the end of February.