For those who struggled through the recession and fell behind in their mortgage payments, there were and still are various programs out there to turn to for assistance. Through mortgage modification programs, homeowners who fell behind in their mortgage payments were able to renegotiate the terms of their loan and obtain more manageable payments. This allowed those who were behind in payments in Florida to avoid home foreclosure.
The government funding for the modification programs helped thousands who were in homes with underwater mortgages. However, those who stayed current on payments are calling the programs into question as they struggle to make payments on underwater homes also. Advocates concur that people who stood by their promise to pay are essentially denied help when it comes to mortgage modification programs.
The programs are being reevaluated but continue to help those who have suffered through the housing crisis. One program in particular has access to $50 million in funding to help homeowners who have fallen behind. One program is able to pay up to $50,000 toward the mortgages of homeowners who are underwater.
Qualifying for a mortgage modification program in Florida can be a time-consuming and complicated ordeal. Having clear, up-to-date and comprehensive advice and knowledge about options is necessary for any homeowner seeking help. Through mortgage modification approval and also the filing of personal bankruptcy, some Florida homeowners can find the reprieve and assistance they need until they are able to gain their financial footing and keep their home at the same time.
Source: tampabay.com, “Questions raised about Florida program to help homeowners behind on mortgages“, Susan Taylor Martin, May 12, 2014