The Florida Hardest-Hit Fund Principal Reduction program (HHF) has been reopened as of mid May. The program is designed to help homeowners who are “underwater” as the term has become well used in the down turned market. This meaning that the the homeowners who owe far more in mortgages than what their house is worth can now expect to gain a little relief.
You can apply online and possibility is up to a $50,000 break should you qualify.
With last years the program, it accepted 25,000 applications but only approx. 2,400 homeowners were given the relief aid. That’s $102 million out of an available $350 million spent. For those who have yet to negotiate short sale terms and wish to steer clear of foreclose, this could be a saving grace.
Here’s a list of the first mortgage eligibility requirements:
• Legal Florida and U.S. resident who lives in the home
• Current on the monthly mortgage payment or 60-plus days late on a first mortgage within the past 24 months
• Property purchased prior to Jan. 1, 2010
• Unpaid principal balance up to $350,000
• Loan-to-value ratio greater than 125%
• Total household income less than 140% of the area median income (AMI) as provided by HUD.
Clearly not everyone will qualify for the program and those who have been able to hold out may still find themselves in need of a solution and a Short Sale & Foreclosure Attorney. Short Sales in West Palm Beach are slowing but with foreclosure being an ominous possibility for homeowners, hiring a Real Estate Attorney to negotiate the next steps and simply see what solutions are out there is important. Credible Short Sale & Foreclosure Attorney’s in West Palm Beach do complimentary consultations and have countless access to resources. It’s not an easy route to go down alone. The truth is, you don’t have to.
If the program fails you, know that there’s still answers, solutions, and resolution.