Free State Foreclosure Help

Another tip from your Seminole County foreclosure and Seminole County short sale realtor. For Seminole County foreclosure participants and homeowners who need some temporary help to get back on their feet due to a foreclosure or financial distress, the Florida Housing Finance Corp. has finally unveiled its Mortgage Intervention Strategy, (a foreclosure help program) in which it plans to distribute $317.3 million in federal funds to the 67 counties in the state. The plan is targeted toward homeowners who are either unemployed or do not make enough money to pay for basic living expenses. The plan is not targeted toward homeowners who have “underwater” mortgages and can afford the monthly payment. You can click the link to get more information on foreclosure help with the Florida Mortgage Intervention Strategy.

Qualified homeowners can receive up to nine months of mortgage payments, and if the homewner stays current on the new payments and stays in the home, the funds can be forgiven over a five year period. Some applicants may qualify to have the principal on the mortgage written down as well.

For complete details on the program, check out the Florida Housing Finance Corporation webpage.

Under the current program guidelines Seminole County will receive $2,315,263 and Orange County will receive $23,694,598 in funds. Orange County will receive the fourth highest total of all counties in the state, behind Miami-Dade, Broward, and Palm Beach, respectively. Orange County is a “Tier 1″ county, meaning that it has 2% or more of the weighted share of Florida’s seriously delinquent home loans. Seminole County is a “Tier 2″ county, and gets a lesser share of the federal funds. You can see the table of proposed distribution of foreclosure assistance funds under the Florida Mortgage assistance program here.

Call Richard for more information on State foreclosure assistance programs.