Florida launched a billion-dollar mortgage bailout program during mid-April, 2011. It was the last state slated to get the Hardest Hit Funds. This bail-out program is mainly aimed for the unemployed homeowners. It is solely based on the hope that those who get this help will find jobs within the next six months.
Whom to contact for this bail-out program?
The Florida Housing Finance Corp. has already stated taking applications from struggling homeowners for assistance from the federal government's Hardest Hit funds. The state-owned corporation will be providing around $35,000 over 18 months to each qualified homeowner.
What are the risks involved?
It is unlikely that all the unemployed borrowers, who take advantage of this program, will be able to secure a job within the next 6 months. If the borrowers don't find a job and could not pay the mortgage payments later on, the money used for assistance will be wasted.
However, it should be noted that the Florida Housing Finance Corp. never considered reducing homeowners' mortgage principal due to its Hardest Hit plan. But they have more than half of the state's $1 billion allocation to assist homeowners who face challenges other than unemployment. After implementing the program, changes will come as and when required.