Florida Offers Mortgage Aid, But Homeowners Must Act Fast

Press Release: Florida Housing

TALLAHASSEE, FL—Application numbers for the Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program topped more than 12,000 as of 9:00 this morning. The online process opened at yesterday and will remain open until applications reach 25,000, which is expected to occur sometime within the next 48-72 hours.

Homeowners interested in applying for the program should visit the official website, www.principalreductionFLHHF.org, review the eligibility criteria, and then click the “Start Now” button to begin.

By Julie Montanaro
UPDATED 9.25.2013

Florida homeowners who are underwater may get some help staying afloat. But they'll have to act fast.

The Florida Housing Finance Corporation started accepting applications today for folks who owe 125% or more on their mortgages than their homes are worth.

The corporation has more than 350-million dollars to help homeowners reduce the principal owed on their homes and can pay out up to 50-thousand dollars per homeowner.

"This is for the folks who stayed. They didn't strategically default at the beginning of this whole crisis. They wanted to stay," said HFC Communiations Director Cecka Rose Green. "They've done whatever it takes to make sure they are staying current on their mortgage payments. So this is a way to try to help give them some financial relief and hopefully put more money in their pocket."

If you want to apply, you can check out the eligibility requirements at Principalreductionflhhf.org

The corporation is capping it at 25-thousand applicants - and expects to reach that limit within 24 to 48 hours.

So this time tomorrow it may be too late.

Associated Press Release

MIAMI (AP) -- Thousands of Florida homeowners who owe far more on mortgages than their houses are worth could get a break under a new $350 million state program.

The Florida Housing Finance Corp. announced Friday that people who meet eligibility requirements will be able to apply online for up to $50,000 to reduce the principal owed on their mortgages. The program is restricted to homeowners who owe 125 percent more on mortgages than their homes are worth. That's considered to be severely underwater on a mortgage.

The program has several other eligibility requirements, including a $350,000 cap on the mortgage owed. The online application process will begin at 9 a.m. on Wednesday at www.principalreductionflhhf.org .

Officials say initially 25,000 applications will be accepted. At least 200,000 homeowners are considered underwater in Florida.

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