The Florida housing market has been in a slump for several years. The poor housing market has contributed to the number of foreclosure properties that are located in the state of Florida. It was recently reported that the state of Florida was determined to be the 2012 foreclosure capital in the United States. For homeowners who are either facing foreclosure or are in the middle of a foreclosure process, it can be a confusing and frightening time.
The propensity and complexity of the Florida foreclosure process did not go unnoticed by Florida officials. Recently, Florida officials approved a $60 million housing program for the state that may significantly benefit homeowners facing foreclosure.
The $60 million housing program is comprised of several areas, including $35 million assigned for assistance for down payments and $5 million to assist in the reduction of the foreclosure backlog. The $60 million housing project is reportedly just part of a multi-billion national settlement related to foreclosures. In addition to potentially providing for foreclosure assistance, those homeowners who have gone through a wrongful foreclosure may also have an avenue of recourse.
The amount of debt that is associated with the current status of Florida's foreclosures may be crippling and directly affect many homeowners. Homeowners who are connected to the foreclosure process would benefit from speaking to an experienced attorney. An experienced foreclosure attorney can assess a homeowner's mortgage and determine if the homeowner is eligible for any type of relief for is eligible any state funded relief programs.
Source: Housingwire, "Florida officials tackle foreclosure crisis," Megan Hopkins, Jan. 24, 2013
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