Broward County Hardest-Hit Program Eligibility Requirements: Unemployment Mortgage Assistance Program (UMAP)

On behalf of Bankruptcy Law Firm of Clare Casas on Friday, January 14, 2011.

Florida Housing will soon be rolling out two programs to help distressed homeowners in Fort Lauderdale, Florida. This program was piloted in Lee County last year and will soon be available statewide.

There are two programs available: 1) Unemployed Mortgage Assistance Program (UMAP) and 2) Mortgage Loan Reinstatement Payment (MLRP) Program.

Unemployment Mortgage Assistance Program (UMAP)

Under UMAP, loan funds can be used to pay monthly mortgage and escrowed mortgage-related expenses on your Fort Lauderdale or Hollywood home until you can resume payments or up until 18 months – whichever comes first. This program is for first mortgage payments only.

Broward county homeowners who are unemployed, underemployed or have had a reduction of income because of death, divorce or disability are eligible. To be considered for these funds, you must meet eligibility requirements in three areas: 1) household eligibility; property eligibility; and, 3) mortgage eligibility. You must meet all criteria within each category to qualify. However, simply meeting all the eligibility criteria does not guarantee approval for assistance under either program. The mortgage company can still deny your eligibility.

Homeowner Requirements

1. Must be a Florida resident
2. Must be a legal U.S. Resident or a legal alien
3. Must occupy the home as your primary residence
4. Must be unemployed or underemployed
5. Total household income must be below 140% of the area median income (AMI) this includes all income for persons living in the home who are 18 years and older)
6. Must have monthly housing debt that is more than 31% of the homeowners gross monthly income (monthly housing debt includes: mortgage principal, interest, taxes, insurance and homeowner association dues)