Updates on Alleviating Problem of Jacksonville Foreclosure Homes

by Peter Vernon on Foreclosure Help

The U.S. Department of Treasury has recently provided additional details on its efforts to help neighborhoods in Florida affected by huge numbers of foreclosed properties, including Jacksonville foreclosure homes. The program provides aid through the Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets.

The state has some of the highest number of government and bank foreclosures, including Chase REO homes for sale, in the whole country. In an effort to ease the impact of the housing crisis on some of the state's local neighborhoods, the federal government has approved the plan of the state Housing Finance Corp. to use over $230 million to support unemployed homeowners.

The money was previously reserved for Florida foreclosed homes prevention efforts but is now allocated to initiatives that offer options to borrowers who are having difficulties paying their mortgages due to job loss. The federal government will also provide an additional $401 million to the state to help the Housing Finance Corp. expand its program coverage.

According to housing officials, the federal government targets local areas that have the highest number of foreclosed properties, including Jacksonville foreclosure homes, and those that are suffering greatly from the impact of unemployment. The most recent allocation has also taken into consideration and prioritized areas with the biggest population size.

Having one of the housing markets with the highest level of bank foreclosure listings, Florida is one of a handful of states that have been allocated bigger funds by the government. So far, the state has received over $1 billion since the inception of the Hardest Hit Fund initiative in February of this year.

Recipients of federal government aid are allowed to decide on the state level how the money will be used to help victims of foreclosures. In Florida, several forms of aid have been launched, including providing unemployed borrowers with help on paying their monthly loans, assisting delinquent borrowers on making their loans current and reducing principal loans to allow homeowners with underwater mortgages to cope.

Local governments in Florida have welcomed the additional funds and the efforts targeting unemployed homeowners. According to state officials, they believe that the federal government's aid will greatly help local neighborhoods recover from the impact of foreclosures, including those who suffer from the effects of Jacksonville foreclosure homes.

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