Florida Hardest Hit Fund Now Offering Principal Balance Reductions

Florida HHF announced recently that as of Wednesday, September 25 at 9:00 AM, online applications will be accepted for the new FL Hardest Hit Fund Program (HHF-PR) that will offer principal balance reductions for eligible borrowers. A whooping $50,000 could be available to homeowners to reduce the principal balance on a first mortgage. However, only 25,000 initial applications will be taken. If there is additional funding available after the first 25,000 applications are evaluated, then the application process will be reopened. This is going to require distressed homeowners to be exceptionally proactive in the application process, and to seek out an approved advisor for the FL Hardest Hit Fund in order to receive timely and accurate advice.

Eligibility Requirements:

• FL resident and a legal US resident
• Applying for assistance with a home that is a primary residence
• Current on the monthly mortgage payment
• First mortgage originated before January 1, 2010
• Unpaid principal balance must not be greater than $350,000 on first mortgage
• Loan to value must be greater than 125% on first mortgage
• Total household income less than 140% of the area median income as reported by HUD
• What is an approved advisor for the Hardest Hit Fund?