FL homeowners flock to principal reduction program

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The Hardest hit principal reduction program reopens today at 9 a.m. for Florida homeowners upside down on their mortgage but current on payments. The program offers up to $50,000 to pay down mortgage debt, but is doled out on a first-come, first-served basis and there is about $248 million lef.

The federal government has allocated funding to assist eligible Florida homeowners who owe at least 125% more on their home than its current market value, commonly referred to as the home being "under water." The Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program will provide up to $50,000 to an eligible homeowner(s) to help reduce.

A principal reduction program offered by your existing lender Moreover, you do not need to pay a loan modification company to obtain a principal reduction of your mortgage for you. Help is available for underwater homeowners for free through the Obama Making Home Affordable program.

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Principal Reduction How much does principal reduction help homeowners struggling with their mortgage due to a financial hardship? Just ask homeowners Charles and Kathleen, Gordon and Bettie, or Elaine (click the links and read their stories).. All these homeowners have benefited from Keep Your Home California’s Principal Reduction Program, which offers as much as $100,000 in principal reduction – all for free.

Therefore, if the owner of a $1,000,000 home sells that home and puts the money in a bank account, that money is still protected by the homestead exemption, so long as the homeowner has a bona fide intent to use it to purchase another home in Florida entitled to the exemption within a reasonable period of time.

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The principal-reduction funds actually come in the form of a loan that gradually goes away after five years. Homeowners who sell their property within the five years would have to repay at least part of the money. The amount to be returned dwindles by 20 percent annually.

Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program OneWest claimed that it has modified 3,605 home loans under the Obama program and 14,750 loans under the FDIC program and other schemes from March to July. From September last year to February this year when IndyMac was still under FDIC supervision, a total of 16,158 home loans were modified.

The Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program is designed to assist eligible homeowners by providing up to $50,000 to reduce the principal balance of the first mortgage, thereby reducing the loan-to-value (LTV) of the first mortgage to no less than 100 percent.