Congregations in Central Florida have seen so many families being dragged out in a lengthy mortgage modifications and foreclosure proceedings, they asked the State agency managing foreclosure assistance to look at funding for families that will buy bad mortgages and resell them to families at their current market value. This would make monthly mortgage payments affordable for families and put new dollars in Florida’s struggling economy.
Leaders questioned the Florida Housing Finance Corporation about how the group distributes the $1 billion Hardest Hit funds and what can be done to expand the program to help more people faced with losing their homes.
“If the Hardest Hit Fund was revisited, I could keep my house,” said Vickie Johnson of Altamonte Springs – a mother, full-time student and full-time employee whose trial loan modifications by Bank of America led to foreclosure, even though she made the payments. For full story click: Churches push Florida to expand foreclosure aid.
If Florida underwater mortgages were re-written to current property values, more than 178,000 jobs would be created. To see the report: Underwater Report
The Housing Finance Corporation is looking at options to launch a mortgage resolution program and will report to their Board in December.