News Column

BRIEF: Florida program for distressed homeowners taking applications

May 13, 2014

By Kimberly Miller, The Palm Beach Post, Fla.



May 13--The Florida Housing Finance Corp. has reopened its landmark principal reduction program and will begin accepting applications at 9 a.m. Thursday. The plan, which is one of five under the $1 billionHardest Hit Fund, gives underwater homeowners up to $50,000 to reduce their mortgage debt.

Unlike the original application process where only 25,000 applications were accepted, this process will remain open until the $350 million allocated for the program is committed.

The eligibility requirements for the program have not changed. Homeowners must be current on their mortgage payments, live in their homes as their primary residence, make 140 percent or less than the area median income and owe 25 percent or more on their mortgage than their home's value.

Housing officials said they decided to reopen the program in March after seeing how many people had so far qualified. About 2,400 homeowners are receiving an estimated $102 million.

For more information on the program, go to www.flhardesthithelp.org or call (877) 863-5244.

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(c)2014 The Palm Beach Post (West Palm Beach, Fla.)

Visit The Palm Beach Post (West Palm Beach, Fla.) at www.palmbeachpost.com

Distributed by MCT Information Services


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Source: Palm Beach Post (FL)


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