Florida’s key foreclosure prevention program has turned its sights on seriously underwater homeowners, offering up to $50,000 to pay down mortgage debt and help regain equity in the state’s still mending real estate market.
Announced Friday, the new plan differs from many previous foreclosure lifelines in that people do not have to prove a financial hardship.
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Eligibility requirements include:
Must be a U.S. citizen and Florida resident
Must be current on loan payments
Home must be the borrower’s primary residence
Total household income must be below 140 percent of the median income. Median income levels can be found at www.huduser.org
Home must have been bought before Jan. 1, 2010
Outstanding mortgage must be $350,000 or less
Loan-to-value ratio must be 125 percent or greater
For more information go to www.principalreductionflhhf.org