Posts Tagged: ‘Hardest Hit Fund’

State Passes on Hardest Hit Funds- Florida Homeowners out $250 Million

April 21, 2016 Posted by kingcade

Floridians fighting to save their homes from foreclosure are losing out on $250 million in mortgage assistance because state officials opted not to apply for additional money from the federal Hardest Hit Fund. The fund was created six years ago to help those states hardest hit by the housing market crash and foreclosure crisis. All of the board members who voted to turn down the assistance were appointed by Governor Rick Scott, a Republican who has opposed federal bailout programs and whose office once pressured the housing agency to limit the time homeowner’s could receive the Hardest Hit help.

Florida Senator Bill Nelson calls the decision “tragic” and has repeatedly blasted state officials for their slowness in spending the $1 billion that Florida originally received.  As of January 1, 2016, the state had spent less than two-thirds of that amount and helped only 25,000 homeowners while rejecting 120,000.

In addition, the federal official who oversees the Treasury’s management of the Hardest Hit Fund has criticized Florida, issuing a report that found the state had “consistently under-performed” other states in the use of the relief money.

Click here to read more on this story.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com

Many Florida Homeowners still Underwater as Government Aid Runs Out

May 27, 2013 Posted by kingcade

Now in its third year, the Hardest Hit Fund in Florida has served only about 15 percent of the 40,000 homeowners who have applied for help. Once this aid runs out, underwater homeowners are left to find adequate employment or continue struggling with mortgages far bigger than the value of their home. Although the Hardest Hit Fund is a federally funded program, each state decides how to use the money. In Florida, state officials have given principal reductions a high priority.

Since unveiling the state’s version of the Hardest Hit Program in 2010, the Florida Housing Finance Corp. has spent $108.8 million in assistance and an additional $25 million on administration and counseling, according to a first-quarter report released last month by the corporation.

Florida’s handling of the federal program has been criticized for focusing on mortgage modifications and interest-rate reductions more than on principal reductions. The country’s five-largest lenders — Bank of America, Wells Fargo, Ally/GMAC, Citi and Chase — agreed to fund the program as part of a settlement related to allegations that they had dealt in illegal mortgage documents. However, according to the Treasury report, only Citi has forgiven the principal of borrowers not in foreclosure.

The Florida program has also managed to serve homeowners who make more than the local median income. Though about 90 percent of the funds have gone to homeowners with annual incomes of $50,000 or less, about two dozen recipients of aid had incomes of at least $90,000 a year, according to the Florida Housing Finance Corp.’s quarterly report.

Click here to read more on how Florida homeowners are still ‘underwater’ as government aid runs out.

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.