Florida Helps 10,000 Underwater Borrowers

Florida Helps 10,000 Underwater Borrowers

Florida Helps 10,000 Underwater BorrowersGood news for 10,000 underwater borrowers in Florida. The State of Florida is giving $50,000 to 10,000 Florida residents who meet certain guidelines and have a mortgage that is underwater. The $350 million program is available to Florida underwater borrowers who can meet the following stipulations:

1. The borrowers are current on their mortgage payments. Finally there is some benefit to those who have been faithful to keep making those mortgage payments as long as they were able.

2. The borrowers’ total household income is less than 140% of the area median income (AMI).  This includes all people living in the house 18 years of age and older. Area median income is determined by the U S Department of Housing and Urban Development (HUD).

3. The borrowers’ mortgage is at least 125% more than their property is worth. The mortgage balance must be less than $350,000.

4. The residence must be a primary residence.

5. There can be no late payments in the past 24 months that are 60 days late or more.

Florida homeowners who think they might qualify can apply at the  Florida Hardest-Hit Fund website. Applications open Wednesday, September 25, and are available on a first-come, first serve basis. The site has a link for Spanish translation for Florida Spanish-speaking borrowers.

According to  HUD, the median income for Clay County, Duval County and St. Johns County is $63,927. It’s good news for many that Florida helps 10,000 underwater borrowers.



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