Most every state in the country has been hit hard by the recession, especially in relation to the housing market and home foreclosure rates. Florida is consistently cited as one of the hardest hit states when it comes to people losing their homes. Many in Florida are hoping a national program will benefit them as they seek loan modification options to keep their homes.

The program currently being urged to pass would help homeowners streamline the process of refinancing. It would also help eliminate the closing costs associated with refinancing. This could essentially save homeowners around $3,000 on average.

It is estimated that Florida has a home foreclosure rate that is three times the national average. Nearly 150,000 homeowners either have gotten or are in the process of seeking loan modifications to keep from having their home foreclosed. Also, 235,000 have successfully refinanced their homes. Many believe continuance of the program will pump more money into the economy and help many homeowners in the end.

The loan modification process can be lengthy, cumbersome and even complicated for many. However, for those who fear they will fall behind or see no end to their current economic problems, a loan modification with the help of the federal programs out there may be their best hope to stave off home foreclosure. A loan modification can help homeowners obtain a lower payment that may be more manageable and put the homeowner in a position where they can make their payments on time and without fear of falling behind.

Source: floridatoday.com, Will Obama plan bring housing relief to Florida?, Ledyard King, Aug. 27, 2013