MORTGAGE HELP FOR UNEMPLOYED

HAMP, HAFE and now UP.

UP is the Home Affordable Unemployment Program. It is a new program designed to supplement the Home Affordable Modification Program (HAMP) which provides assistance to unemployed borrowers by granting them a forbearance period which reduces or suspends their monthly mortgage payment.

This program goes into effect on July 1, 2010 for participating HAMP mortgage servicers. It applies to first mortgages taken out prior to 1/1/09 on one to four family units that are the principal residence.

Florida condo association update

Gov. Charlie Crist signed into law a measure Tuesday that will allow Florida's condo associations to go after up to twice the amount of delinquent dues owed them.

Condo associations had previously been limited to six months' worth in most cases.

When the law takes effect on July 1, associations also will be able to deny owners who owe money access to pools or other common-ground amenities.

Other provisions of the "Distressed Condominium Relief Act" let an association either delay or discard some previously required -- and very costly -- upgrades to a building's fire alarms, sprinklers system and elevators.

The new law is another government effort to help Florida's condo associations recover from a years-long slide in revenue from dues, plummeting unit values and declining occupancy rates as foreclosures ran rampant in the wake of the real estate downturn.