Federal funds to help with Fla. foreclosures

DANIA BEACH, Fla. (WSVN) -- Many homeowners here and across the State are in the midst of tough times, and now, federal agencies are offering help during the foreclosure crisis.

U.S. Housing and Urban Development Deputy Secretary Ron Sims said, more money is coming to Florida to help in the foreclosure crisis. "Florida will be the largest recipient with over $208 million," he said.

The announcement was made at the Canal Groves Apartments Wednesday. The $208 million statewide is intended to buy foreclosed homes and redevelop them.

Officials said Broward County alone is receiving $24 million. "It's going to raise property values, preserve property values and make sure we can get these apartments and homes available to people who are struggling to afford a place to live," said congresswoman Debbie Wasserman Schultz.

As to where these funds will come from, it turns out it is part of the Wall Street reform act passed earlier this year.

Those who lived here were facing foreclosure until the grants started coming in. Monique Probenzano said her house was saved by the program. "We would be, it would be gross. It would be really nasty," she said.

But this is just a drop in the bucket, according to one survey. Borrowers in Miami-Dade, Broward and Palm Beach Counties have defaulted on nearly $65 billion in real estate loans since 2007. That includes 44,000 foreclosure filings this year.

Many hope that Wednesday's announcement is a step in the right direction. "If this is going to speed it up, and I believe it will, in those depressed areas, then I am all for it because the process has been so slow," said Gene Whiddon with Better Homes and Garden Real Estate.

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