Principal Mortgage Reduction in Florida

Real Estate Agent with Re/Max Masterpiece Realty

If you live in Florida ,your mortgage is "underwater",and modification of loan either did not help you or it just never happened, you may be in luck.

Few years ago Federal Government allocated funds to help homeowners in States that were "hit" most with falling Real Estate market. Program was called "Hardest Hit Fund Program" and even if you were told when you applied last time that you are too late and program ended, it was just reinstated last Thursday ( May 15 2014). Your mortgage may be reduced up to $50,000, but of course there are rquirements and some of those are:      

  • Must be a Florida resident and a legal US resident/legal alien;
  • Must occupy property as primary residence;
  • Must be current on the monthly mortgage payment (cannot be 60 or more days late on the first mortgage within the past 24 months);
  • Property must have been purchased prior to January 1, 2010;
  • Must have an unpaid principal balance (UPB) that does not exceed $350,000 for the first mortgage;
  • Loan-to-value for the first mortgage must be greater than 125%; and
  • Total household income (including all persons living in the home age 18 years and older) must be less than 140% of the area median income (AMI) as provided by the US Department of Housing and Urban Development .

  For more information about program and to apply, please visit




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Anna Chroscicki

Realtor - St. Lucie County affordable Real Estate
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