The State of Florida launches "Hardest-Hit Fund Program" statewide beginning April 18th. This financial
assistance is designed for unemployed or underemployed Floridians that are having difficulty paying mortgage. The Florida Housing Finance Corporation has been conducting a pilot of its Hardest-Hit foreclosure prevention program since October in Lee County, and is now opening them up statewide.
What does this mean for struggling homes in St. Augustine? Owners may apply for Unemployment Mortgage Assistance Program (UMAP) that provides up now provides up to $12,000 to pay monthly mortgage.
Also available is the Mortgage Loan Reinstatement Payment Program (MLRP). This program provides up to $6,000 to bring the homeowner's past-due first mortgage current if the homeowner can show the ability to resume making mortgage payments on their own.
UMAP and MLRP program funds are in the form of a zero percent, deferred-payment loan, and the loan can be forgiven over a five-year period at a rate of 20 percent each year.
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