Florida Program to Help People in Foreclosure Lacks Measurable Goals
Written by Emil Fleysher | July 31, 2012 | Foreclosure
A federal report critical of a foreclosure prevention plan specifically mentions Florida as failing to set measurable goals for its Hardest Hit program. Florida was one of 18 states and the District of Columbia that received money from the Hardest Hit Fund, which was first announced in Feb. 2010. Florida’s Hardest Hit program is meant to create breathing room for homeowners looking for work or higher-paying jobs. Those who are eligible can receive up to a year of mortgage assistance with a cap of $24,000, and up to $18,000 to bring a mortgage current on payments. Homeowners seeking only to have their mortgage arrearage paid can get up to $25,000
Through the end of June, 6, 320 Florida homeowners have been approved for assistance with the state’s $1 billion share of Hardest Hit money. About $107.8 million has so far been reserved for approved Florida homeowners. Nationwide, $350 million of the $7.6 billion, less than 5 percent, had been dispersed through March.
The report states that the Treasury has not set measurable goals and metrics that would allow the Treasury, the public, and Congress to measure the progress and success of the Hardest Hit Fund. Florida’s goals of preserving homeownership and protecting home values are singled out for having high-level expectations with no measurable target. The program was also criticized for ramping up too slowly and helping too few homeowners. Florida announced it was reworking its plan to eliminate eligibility roadblocks and increase the amount of money homeowners receive.
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