Florida creates assistance to help Cape Coral residents avoid losing their properties

By Elias DaSilva | September 10, 2024.

Due to the tight situation currently facing the Florida real estate market, especially in the city of Cape Coral, the state has decided to offer assistance to all residents who are struggling to make timely mortgage payments and, as a result, may be at risk of starting a foreclosure process that could lead to losing their homes.

Florida, seeking the best way to prevent its residents from going through a foreclosure process and worsening their financial situation due to all the costs associated with it, has decided to allocate funds for citizens who meet the state’s required criteria. A total of $200,000 has now been designated, and those who qualify can apply for assistance of up to ten thousand dollars.

To be eligible for these funds, homeowners will be required to meet certain personal criteria. Likewise, to qualify for this assistance, the home must be at least one month behind on mortgage payments, and the lender must not have initiated foreclosure proceedings on the property.

However, there are some obstacles that could complicate homeowners’ eligibility for these funds, leaving them with limited options. Among these challenges are:

• If the mortgage loan terms are adjustable, the current mortgage amount must not be too high when applying for the fund.
• Due to the current increase in taxes and insurance, it is required that the escrow payment has not risen significantly.
• Homeowners listed on the property must not be going through a separation or divorce.
• Not having stable employment at the time of applying for state assistance.
• Facing sudden hospital or medical expenses.