350 M Mortgage Aid

350 M Mortgage Aid

On Wednesday September 25, 2013 the Florida Housing Finance Corporation began accepting online applications for mortgage assistance. The FHFC anticipates it will receive thousands of applications from Florida homeowners who own more on their homes than what they are worth. The website to apply is www.principalreductionflhhf.org.

The FHFC is limiting the applications to 25,000 on a first come first serve basis. Now, before you run to your computer and crash the website, not everyone who applies will be qualified. In order to qualify, you must show the following:

  1. Your debt on your home must exceed 125% or more than the current market value of your home. (You must be considered severely underwater)mortgage assistance
  2. The mortgage balance cannot exceed $350,000.
  3. You must be a Florida resident AND occupy the home as your primary residence.
  4. The total household income for all residents (18 and older) cannot exceed 140% of the area’s median income.
  5. The mortgage payments must be current, or a payment cannot have been sixty (60) or more days late in the past twenty four (24) months.
  6. The mortgage must have originated prior to January 1, 2010.

I’m not sure this is the greatest program that Florida could have come up with, but before I sound negative, I just hope it will actively assist those who need the assistance the most. I’ll keep my eye on it for you!

DELLUTRI LAW GROUP
CARMEN DELLUTRI, ESQ.
KMarshall@DellutriLawGroup.com
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Phone: 239.939.0900
Fax: 239.939.0588
1436 Royal Palm Square Boulevard
Fort Myers, Florida 33919

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Posted on October 2, 2013, in Legal and tagged , , , , , , , , , . Bookmark the permalink. Leave a comment.

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