Congressional boost helps Florida homeowners

The HOPE for Homeowners Act of 2008 will include many South Floridians among the 400,000 people the federal legislation seeks to prevent from losing their homes. Home values in South Florida have decreased almost 20 percent. That means recent purchasers, or people who borrowed on most of their equity, are in a precarious position. Some could owe lenders more than their home’s value and would be trapped if they sold at a loss in the face of economic setbacks caused by job loss, divorce or illness, which Miami attorney Paul Hancock says are the most common factors leading to foreclosure.