Broward County Hardest-Hit Program: Mortgage Requirements

On behalf of Bankruptcy Law Firm of Clare Casas on Tuesday, January 25, 2011.

I’ve spent most of the month posting about two important programs that Florida Housing will soon make available in Broward County: The Unemployed Mortgage Assistance Program (UMAP) and Mortgage Loan Reinstatement Payment (MLRP) Program.

There are many different eligibility requirements that I’ve already posted about (homeowner requirements ). But there’s one more requirement worth talking about: the mortgage requirements.

Mortgage Requirements

In order to be eligible for either of the programs, your mortgage must currently be serviced by a participating lender. In Florida, Bank of America, Wells Fargo, Chase, Wachovia and CitiMortgage participate in the program.

Your first mortgage cannot be more than 180 days past due at the time you apply.

The existing first mortgage must have originated on or before January 2009 and you can’t owe more than $400,000 at the time of application.

The maximum combined loan-to-value cannot be more than 200%.

The loan cannot be a seller-financed loan.