Ormond Beach Homeowners get more Federal Funding

State Housing Finance Agencies (HFAs) in Arizona, California, Florida, Michigan and Nevada can begin to use $1.5 billion in “Hardest Hit Fund” foreclosure-prevention funding under plans approved recently by the Obama Administration. This aid will support innovative local initiatives to assist struggling homeowners in those states, as part of the first round of funding available under this new program.

“These states have identified a number of innovative programs that will make a real difference in the lives of many homeowners facing foreclosure,” said Treasury Assistant Secretary for Financial Stability Herbert M. Allison, Jr. “While we’ve made important progress stabilizing the housing market and keeping responsible families in their homes, the Obama Administration will continue to do everything it can to help those who are struggling the most during this difficult time. Today marks an important milestone for delivering relief to homeowners through the Hardest Hit Fund program.”

President Obama established the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (“Hardest Hit Fund”) in February 2010 to provide targeted aid to families in the states hit hardest by the housing downturn. The states approved to receive aid as part of the first round of funding provided through this program each experienced a 20% or greater decline in average housing prices.

Here are Florida's hardest-hit proposals ($418 million):

*Florida will offer mortgage payment assistance to the unemployed and under-employed while they seek re-employment.
*The state will also offer principal reduction or second lien extinguishment if necessary to achieve a mortgage modification.

If you are having problems paying the mortgage on your Ormond Beach home, contact me NOW. You have options. I have received special training in Ormond Beach distressed real estate problems, and can help you.

Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.daytonabeachscene.com