Banks are getting tens of millions of taxpayer dollars through Florida’s key foreclosure prevention program to pay down borrower debt, but are also using the money to pay off their own attorney’s fees and other costs associated with taking back people’s homes.
The more than $1 billion Hardest Hit program has been operating statewide for two years, awarding struggling borrowers 12 months of mortgage payments and between $18,000 and $24,000 to bring a mortgage current.
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Florida’s main Hardest Hit plans
* The Unemployment Mortgage Assistance Program provides 12 months of mortgage payments with a cap of $24,000 and up to $18,000 to reinstate a delinquent first mortgage.
* The Mortgage Loan Reinstatement Payment Program is a one-time payment of up to $25,000 to bring a mortgage current.