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Florida Hardest Hit Fund

aadmii-sledge-hammer-15494292Florida Hardest Hit Fund

In 2010, the U.S. Department of the Treasury created the Hardest Hit Fund to provide targeted aid to homeowners in those states most affected by the housing market crash. As part of this program, $7.6 billion in aid was allocated to the 18 states, along with Washington, D.C., that experienced the most extreme home price declines and high unemployment rates as a result of the economic crisis.

Florida was awarded over $1 billion in funds through the Hardest Hit Fund to help eligible homeowners avoid foreclosure.

As of the end of November 2013, Florida has distributed only 26% of its designated funds.

The Florida Hardest-Hit Fund

Unemployed and underemployed homeowners who have fallen behind in their mortgage payments can use HHF funds to bring their loan current and/or cover future mortgage payments.

There are two programs currently available under Florida’s HHF program, as well as two programs that are in development:

  • the Unemployment Mortgage Assistance Program (UMAP)
  • the Mortgage Loan Reinstatement Payment (MLRP) Program
  • the Modification Enabling Pilot/principal reduction program (not yet available), and
  • the Elderly Mortage Assistance Program (not yet available).

Priority Appraisal and Mortgage Services Inc. is a residential appraisal firm experience in all areas of residential appraising in the Tampa Bay area. Focused in the Pasco, Pinellas and Hillsborough counties for the past 14 years. At Priority Appraisal and Mortgage Services, Inc. our customers are our priority. We provide fast accurate appraisals in a timely manner. We go above and beyond to fulfill your needs with any and all additional market information to serve your requirements.

For more appraisal info visit: http://PriorityAppraisalandMortgageServicesInc.appraiserxsites.com or call Shari Peterman directly at 727-505-6706. I look forward to hearing from you.

Hardest Hit Evaluation

Hardest Hit Evaluationimages1

• The loan must be eligible for recast; if the mortgage is a FHA, VA or

USDARD mortgage, the borrower will need to refinance to receive

the pro rata forgiveness provisions;

• Borrowers who are in the HAMP incentive period’s loans will not be

recast, but the program will allow for principal curtailment; and

• Borrower must be current on payments for the first mortgage for

the past 24 months.

Mortgage Requirements
• First mortgage is with a regulated financial institution, Habitat, or USDA
• The outstanding principal balance of the first mortgage is $400,000 or less at the time of
application
• Homeowner cannot have a current pending litigation on the property or mortgage

Other Evaluation Criteria
•    Homeowners who have unencumbered assets or cash reserves (not including items such as
retirement or qualified education plans, household goods or 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), reduction of income for a self-employed
homeowner, death of a borrower or co-borrower, divorce, or disability. The financial hardship must
be as the result of at least a 10 percent reduction in income.

 

Priority Appraisal and Mortgage Services Inc. is a residential appraisal firm experience in all areas of residential appraising in the Tampa Bay area. Focused in the Pasco, Pinellas and Hillsborough counties for the past 14 years. At Priority Appraisal and Mortgage Services, Inc. our customers are our priority. We provide fast accurate appraisals in a timely manner. We go above and beyond to fulfill your needs with any and all additional market information to serve your requirements. For more appraisal info visit: http://PriorityAppraisalandMortgageServicesInc.appraiserxsites.com or call Shari Peterman directly at 727-505-6706. I look forward to hearing from you.

Updated Kitchens

Real Estate Pre Listing Appraisals ClearwaterUpdated Kitchens

What will my home be worth if I remodel my X!%&#%?  Many homeowners are interested in an appraisal of their property “as is” vs. “as improved” …that would translate to what will be the value of my home if I remodel my kitchen, bathrooms, add a swimming pool etc. This can be a difficult question to answer.  The answer partly depends on where your home is located. A swimming pool in Heritage Springs…a community with a community pool is likely to be valued very differently by a consumer than in neighboring communities without such community features. Upgrades like granite countertops in a community like Seven Springs Homes could be considered an over improvement if it is not typical of the other homes.  Upgraded kitchens and bathrooms in the various Trinity neighborhoods may be valued on a dollar for dollar basis.

The rule of thumb for remodeling is to do what you like. Much of the value is likely to be your enjoyment of the features. If you are looking to solely increase the appraised value of the property remember that properly finished increases in square footage are a good bang for your buck, as long as you don’t over-do it. Remodeling should be kept within the same quality as the rest of the structure and neighborhood. Renovations that make your property the biggest and best in the neighborhood are generally not a good idea. The best way to determine what efforts will bring you the most return is to order a residential appraisal that will value your property as is with similar sales vs. a valuation of sales of properties with the renovations or remodeling you are contemplating.

For more appraisal info visit: http://PriorityAppraisalandMortgageServicesInc.appraiserxsites.com or call Shari Peterman directly at 727-505-6706. I look forward to hearing from you.