The city of Miramar provides foreclosure prevention assistance  for qualified homeowners. Homeowners have the opportunity to avoid foreclosures and retain their homes.  Funding is available on a first-come, first-qualified, first-served basis until no more funding remains under this program. The program is designed to assist households that need immediate financial assistance to either stop their homes from being foreclosed, sold for non-payment. Evidence that mortgage or fee is more than 60-90 days late is required and reflected by the most current mortgage statement or applicable statement. Properties with Lis Pendens are not eligible.  Assistance is in the form of a 0% interest deferred second loan that reverts to a grant if all program conditions are met. 

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Eligibility Criteria:

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(1) determined income eligible for the foreclosure prevention assistance program and  

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(2) show their ability to continue to maintain their mortgage payment after assistance is given. If you qualify for the City’s Foreclosure Prevention Assistance Program, you will receive notice of eligibility/award. 

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The City of Miramar in conjunction with Community Revitalization Affiliates, Inc. will administer this Program. 

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The intent of the Foreclosure Assistance program is to assist households who show the non-payment of their mortgage is due to one of the following eligible reasons: 

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1. Loss of pay due to involuntary job loss. 

2. Divorce or separation which resulted in temporary loss of income. 

3. Death of a spouse which resulted in a temporary loss of income. 

4. Sudden unforeseen medical expenses. 

5. Unforeseen emergency home repairs including condo/homeowner association assessments or 

6. Involuntarily loss of verifiable income from other sources (temporary or permanent). 

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Maximum award: $10,000.00. Award under $5,000 will not require the signing or recordation of the program’s mortgage and note. 

 

Terms:  

1. Repayment loan/deferred loan/grant: Funds will be awarded as a deferred loan secured by a recorded subordinate mortgage and note. 

2. Interest Rate: 0% 

3. Years in loan term: 10 years 

4. Forgiveness: The loan is forgivable in its entirety at the end of ten (10) years from the recordation date of mortgage and note. There will be no yearly forgiveness of the loan.

5. Special Needs Owner-Occupied Households: Assistance is in the form of a 5 year, 0% interest deferred loan, forgiven at 20% each year. 

6. Repayment: None required if loan is in good standing. Full repayment of the loan is due if the home is sold, title is transferred or conveyed, or the home ceases to be the primary residence of the applicant during the fifteen (10) year occupancy period of the property. Applicants will be allowed to refinance subject to the terms and conditions of the City’s Subordination Policy, which does not permit cash out to the homeowner. 

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For further information or assistance, contact City of Miramar Grant Consultant (954) 939-3271.