Program to pay struggling South Florida homeowners facing foreclosure, unemployment, underwater mortgages

May 18, 2010

Florida is one of several states that plan to use $1.4 billion in aid from the Obama Administration to help unemployed and underwater homeowners avoid foreclosure, CNN reported.

While this is another sign that help may be on the way for underwater homeowners or those facing foreclosure in South Florida, hiring an experienced Miami foreclosure defense attorney is your best chance at being one of the few who gain access to the assistance necessary to protect your financial well-being.
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Consumer advocates argue direct payment to struggling homeowners is necessary to help stem the tide of the mortgage crisis, which has led to plummeting property values, more underwater homeowners and more foreclosures in a repeating downward spiral. But housing experts contend paying off loans for out of work and struggling homeowners could deter people from looking for work.

The Hardest Hit Fund was announced in February and is aimed at helping out-of-work and homeowners in the hardest hit areas avoid foreclosure. Despite past efforts, home prices continue to decline and foreclosure rates remain at record highs. As part of the effort, the federal government is giving $2.1 billion to 10 states. Other states include Michigan, Arizona, California, Nevada, North and South Carolina and Ohio.

If you have are facing foreclosure in the Miami area or are seeking home-loan modification in South Florida, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.