In Sarasota County there is a new program in the works that will enable more homeowners to receive help if they are falling behind on their mortgage payments. The program targets homeowners who have suffered a short-term set back such as a loss of work, but have succeeded in finding a new job. Those that will be able to receive assistance will be those that simply need a limited financial assistance in order to stay in their homes.

The new program in Sarasota County will offer struggling homeowners that fall into a certain category an opportunity to receive assistance in the form of a loan. The loans will be expected to be repaid back to the county. Families who qualify will consist of those that earn less than 80 percent of the average income in the county. The borrower will need to be paying on a home less than $300,000. The Sarasota City Commission will have to approve the program before it can become operational.

Other requirements other than income and amount of loan are at least four hours worth of counseling through specific agencies. The borrower must also show proof that they will be able to keep their payments current once they receive extra funds towards catching up with their mortgage payments. The home will have to be claimed for homestead and the borrower will need to be an American citizen or permanent resident.