When the recession hit, many home owners across the country turned to different programs to help them keep their homes. One program was the Home Affordable Modification Program. With this program, Florida homeowners were able to obtain a loan modification to reduce their interest rate and their monthly mortgage payment. But, that change was temporary, and some fear the rise in rates and mortgage payments may lead to another struggle for homeowners in Florida.
The temporary reduction was for five years for those who qualified for the loan modification program. Now, when that time runs out, the increase may offset the financial stability some have grown used to. One estimate states that mortgage payments for some can rise anywhere from $150 to $1,000 a month.