While many programs have come about to help struggling homeowners to deal with the aftermath of the recession, those programs have had a few glitches here and there. There are many loan modification programs and aid packages out there designed to help Florida homeowners in particular. While the program has helped some, it is picking up speed as the funds are being released quicker.
One program, the Hardest Hit Fund, is specifically helping Florida homeowners and those in other 17 other states. The loan modification program is meant for those states that have been hit the hardest with both unemployment and a sharp decline in home prices. One year ago, there was only $511 million spent as part of the program and now, the amount for the program is $1.7 billion.
The program took years to take off and offers help specifically in the way of loan modifications. It also helps with blight removal in areas that have been hit particularly hard by foreclosures. Those in charge of the programs to help homeowners credit the uptick in fund releases to each state working to fine-tune the process. A report of the program states it has directly helped 126,858 homeowners.
Whenever a homeowner in Florida is struggling to make payments, loan modification programs through the government or banking institutions can be of great help. A loan modification can lower a homeowner’s mortgage payment and essentially help hold on to a home rather than risk foreclosure. Having the most up-to-date information about recent funds or programs for loan modifications is essential for anyone who may wish to benefit from these programs.
Source: Bloomberg.com, States Accelerate Spending of U.S. Aid for Troubled Borrowers, Clea Benson, Oct. 18, 2013