Anyone who is behind on their mortgage or has fallen on hard economic times has certainly heard of a number of programs aimed at helping people keep their homes as the recession continues to wreak havoc on families across the nation. However, some Florida homeowners may find it difficult to get included or accepted into some of these government programs that can help people avoid home foreclosure. The roller coaster of politics and how long certain programs may continue can make the quest to stay in one’s home all the more confusing and frustrating for some.

One group who seems to struggle with finding help refinancing for a lower rate is the group of homeowners who are not behind in payments and have pretty good credit scores. Because a homeowner is in this seemingly positive position, if they owe more than their home is worth, they may be saddled with an extremely high interest rate and no means of lowering it. One homeowner has pointed out the irony in help mostly being reserved for those who don’t pay and those who do live up to their mortgage obligation are left without help.

This kind of scenario is playing out everywhere and may be causing an ‘uneven’ recovery. The government programs HARP, Hamp and Hafa are all theoretically available to help homeowners who have underwater mortgages, are seeking to refinance or are generally seeking ways to stay in their home until they are on stable financial footing. However, there are thousands of homeowners who may not realize they can use these programs and are left wondering what may be the best course of action.

For Florida homeowners who have managed to avoid home foreclosure, but are struggling to keep up with too high interest rate payments, looking into these programs may be a first step. Each one has different qualifying factors and the current housing market plays a role in being approved. It may be useful for those looking into any of these programs to seek the most current information and assistance in determining what the best course of action may be for their unique situation.

Source: Source: bloomberg.com, “Subprime Borrowers With Best Credit Score Denied Help,” Kathleen M. Howley, July 16, 2013