Tallahassee Home Owners to Receive Foreclosure Prevention Assistance

If you are a Tallahassee home owner having problems meeting your mortgage payments, hanging on for a little while longer may benefit you in the long run. A new pilot program is being tested in Lee County. This program is being administered through the Florida Housing Finance Corporation with funds received from the federal government. Over $1 billion has been designated for foreclosure help in Florida although Tallahassee home owners will not be able to participate in the program until early next year.

Testing is being done in Lee County first and if all goes well, the rest of the state including Tallahassee home owners will likely be able to sign up in the spring of 2011. The pilot program is set to help borrowers who are having problems and may be facing foreclosure due to unemployment, underemployment or a reduction in income because of disability, death or divorce.

If certain criteria are met, the homeowners could have up to 18 months of payments on a first mortgage paid. If a homeowner has returned to work or has obtained a higher paying job, four months of delinquent payments could be paid on a first mortgage.

In the summer the Florida Housing Finance Corporation said $73 million of the funds would go to Broward and Palm Beach counties where foreclosures are high. The remaining would be spread among other parts of the state including Tallahassee home owners who are in areas of the country that are considered the hardest hit housing markets.

The program is for homeowners that occupy the home as their main residence, are not employed or are employed at a job that does not cover their living expenses. The total monthly income must be below 140% of the median for the area. The housing debt must be more than 31% of the gross monthly income. According to estimates in the beginning the program was expected to help about 20,000 homeowners, however since that time more money has been allocated to the program so that number is likely to increase.

Tallahassee home owners that can make it through until the program is available there are eligible to receive up to $35,000 in mortgage payment assistance. If you would like more information, go to http://www.floridahousing.org and click the "Florida Hardest-Hit" button.

If you would like more information about Tallahassee homes, please feel free to contact us at (850)-443-5887or visit our Contact Us page where you can send us a message. We’ll get back to you right away!