The recession had a huge ripple effect on the country and in Florida in particular. Many homeowners who bought before the crash may have found they all of a sudden had difficulty making their payments. For many of these hard hit Florida homeowners, applying and being approved for a mortgage modification may have been the answer they needed when they needed it most. However, not every homeowner was able to take advantage of the programs and feel they have been made to unfairly suffer because of a technicality.

A recent story highlights the plight of a homeowner who was caught in the midst of the worst of the recession despite pleas for help. The homeowner utilized the program that helps Florida residents obtain affordable low cost housing and the needed down payment. However, even though the program helps those with low incomes become homeowners, it does not help those homeowners take advantage of mortgage modifications when they fall behind. The homeowner in the story had his foreclosed on in 2009.

He was able to secure services that helped him halt the sale of his home however. He is currently still seeking a way to reduce his monthly mortgage payment though. The program that helped him get his home now says they are trying to be more flexible; but were unable to modify the mortgage of this individual because he utilized their down payment loan services to initially buy his home.

While this man is currently in his home, he has yet to solve his problem of not being able to obtain a mortgage modification. The process can be very lengthy, hard to understand and difficult to maneuver for some. Having as much information as possible about options once a Florida homeowner realizes they may need a modification to keep their home can be the most useful tool for those struggling homeowners.

Source: Source: orlandosentinel.com, “State housing-assistance agency blocks mortgage redo that could avoid homeowner’s foreclosure,” Mary Shanklin, Aug. 2, 2013