What could possibly go wrong?
$353 million to pay up to nine months of a struggling homeowners’ mortgage if the lender or bank agrees to forgive up to nine months of payments. This is meant to help an unemployed or underemployed homeowner.
The real problem is their homes are worth less than half of what they paid for them! Unemployment and underemployment are secondary causes of foreclosure in today’s market.
This Florida program should be called “Transition to Foreclosure” because the vast majority of participants will end up being foreclosed on anyway.
The name of the game right now is, “How long can you live rent free before the bank forecloses?” Anyone who gets into this Florida program, will have hit a home run in that game.