There are signs that the economy is improving, whether it is fewer foreclosures, a lower unemployment rate or less consumer debt. There is still a long way to go. Homeowners are still struggling to pay their mortgages and keep their houses. There are still those who have already lost their homes because of a faulty system.
Last year, all states, including Florida, received settlement funds to help address housing and foreclosure problems in their communities. Florida got more than $300 million to try to alleviate its housing-related issues, and now more details are available about how that money will be spent.
The Palm Beach Post reports that some of the $60 million will be divided and used in the following ways:
- Legal groups who are responsible for helping struggling homeowners or those who’ve already lost their homes to foreclosure will receive $5 million. This will allow those who can’t otherwise afford legal representation to get the help that they need.
- First-time homebuyers will be given financial help in order to boost the housing market, with a total of $35 million going toward the effort.
- In order to improve the efficiency of the foreclosure process, $5 million will be allocated toward more employees and better technology in Florida courts.
These are just a few of the efforts that are meant to relieve the housing market and its struggling and scorned residents. People have debated how the money should be used, but every critic generally has the same goal in mind: to help Florida’s people and economy get back on a financially stable track.
Our Florida bankruptcy attorneys can assist those who are trying to get back on track and rebuild a more secure life for themselves and their family.
Source: The Palm Beach Post, “Florida homeowners, and homebuyers, get $60 million boost,” Kimberly Miller, Jan. 18, 2013