The Real Deal Miami

No federal mortgage aid until December

August 05, 2010 12:00PM

The area is on pace for 70,000 foreclosure actions this year

Florida officials say it may be late December before most of Florida’s
struggling homeowners start to receive portions of the $418 million in federal
foreclosure aid given to the state at the beginning of the year.
Florida’s plan to use the money was not approved until late June, and
the Treasury Department is requiring Florida to begin with a 90-day
trial program that won’t start until the end of this month. Only Lee
County residents will be eligible for the trial program. The money is
coming from the federal “hardest hit” program, which initially targeted
states hit hardest by the housing crash, including Florida. [Palm
Beach Post]