Help for low-income families

FORECLOSURE PREVENTION PROGRAMS

The state of Florida was directed by US Treasury (Treasury) to create and administer Foreclosure Prevention assistance programs that address the unique issues of our state. Treasury requires that Florida use a portion of these funds specifically for targeted unemployment programs that provide temporary assistance to eligible homeowners.

Unemployment Mortgage Assistance Program (UMAP)
Loan funds can be used to pay monthly mortgage and escrowed mortgage-related expenses (i.e., property taxes, homeowner insurance, and mortgage insurance) until the homeowner can resume payments or for up to six (6) months, with a cap of $12,000, whichever occurs first. A homeowner participating in the UMAP will be required to pay 25 percent of his/her monthly income toward the monthly mortgage payment, with a minimum payment of $70 per month.

Mortgage Loan Reinstatement Payment (MLRP) Program Loan funds can be used to bring the past-due first mortgage current; up to $6,000 will be paid. Population to be served: Homeowners who have been unemployed, underemployed. Homeowner must meet eligibility and program underwriting guidelines and must complete a hardship affidavit. Use of funds: MLRP funds will be used to bring a delinquent mortgage current for a homeowner who has returned to work or recovered from underemployment and can now resume the monthly mortgage payment(s) based on his/her new income. This type of assistance is appropriate when the homeowner needs help only to bring the mortgage and/or mortgage-related expenses current.

Homeowner Requirements

  • Must be a Florida resident;
  • Must be a legal US resident or a legal alien; Must occupy property as primary residence;
  • Must be unemployed or underemployed; Total household income must be below 140% of the area median income (AMI) as provided by US Department of Housing and Urban Development (HUD); total household income includes all income for persons living in the home who are age 18 years and older
    • Income for a single person cannot be more than $69,000
      Income for a family of 2 cannot be more than $78,000
      Income for a family of 3 cannot be more than $88,000
    • Income for a family of 4 cannot be more than $98,000 
  • Must have monthly housing debt of more than 31% of the homeowner’s gross monthly income; the combined monthly dollar cost of the mortgage principal, interest, taxes, insurance and association dues of all secured mortgages must be greater than 31% of the total household’s gross income after the financial hardship event.
  • Must have an active checking or savings account that can be debited by the ACH method of funds transfer.
  • The borrower and/or co-borrower, through no fault of their own, must have experienced a financial hardship. The areas of financial hardship that must be reviewed include job loss (unemployed), reduction in income or hours worked (underemployed), or reduction of income for a self-employed homeowner.Homeowners who have unencumbered assets or cash reserves (not including items such as retirement or qualified education plans, household goodsor motor vehicles necessary for transportation) that are equal to or more than three times the total monthly mortgage payment (including tax and insurance payments), or that total $5,000 (whichever is greater), must first use those assets toward mortgage payments or other existing debt before being eligible for UMAP/MLRP funds.
  • The borrower and/or co-borrower, through no fault of their own, must have experienced a financial hardship. The areas of financial hardship that must be reviewed include job loss (unemployed), reduction in income or hours worked (underemployed), or reduction of income for a self-employed homeowner.
  • Homeowners cannot have: A bankruptcy that has not been discharged or dismissed; and a conviction within the last 10 years on a mortgage-related felony. Homeowners will be required to sign an affidavit stating s/he has not been convicted of a mortgage-related felony in the last 10 years; this includes larceny, theft, fraud, forgery, money laundering and/or tax evasion.

Property Requirements

    Homeowner’s primary residence must be located in Florida and can be any one of the following structures: A single-family home; A condominium [unit must be listed on current Federal Housing Administration (FHA), Freddie Mac and Fannie Mae approved list]; A townhome; A manufactured or mobile home on a foundation permanently affixed to real estate owned by the homeowners; or A two-, three- or four-family dwelling unit of which one unit is occupied by the homeowner as the primary residence. The property cannot be abandoned, vacant or condemned; and The homeowner cannot have more than one property other than their primary residence.

Mortgage Requirements

    First mortgage is currently being serviced by a participating servicer/lender (as indicated by Florida Housing); First mortgage is with a regulated financial institution; First mortgage is no more than 180 days past due, at time of application; The existing first mortgage was originated on or before January 1, 2009, and the outstanding principal balance of the first mortgage is $400,000 or less at the time of application; and The maximum combined loan-to-value is not more than 200%. The mortgage cannot be seller-financed.
United Seniors of America