Short Sale Help
An Incentive to Pay My Mortgage?
Throwing money at a bad investment hurts, plain and simple. Furthermore, for those who do not possess an emotional attachment to their home, continuing to make steep monthly payments on an underwater home feels a lot like shooting yourself in the foot. If this sounds like you, there is help on the way! The State of Florida is now offering a new form of relief from the misery.
Starting this month, the Florida Housing Financing Corporation, which is run by Florida Housing’s Executive Director, Steve Auger, is set to offer principal reductions of up to $50,000 for select homeowners. The State has set aside $350 million for the program and expects to help around 10,000 homeowners in total.
The program will begin taking applicants on Wednesday September 25, 2013, and is open to the first 25,000 homeowners who apply. In order to qualify, you must be: (1) current on your mortgage payments; (2) the home must be your primary residence; (3) the principal balance on the mortgage cannot be greater than $350,000; (4) the loan must have originated prior to January 1, 2010; and (5) the household income cannot be greater than 140 times that of the area’s median income. If you meet these criteria, you can apply for the program by clicking on this link: www.principalreductionflhhf.org
If you wish to discuss your eligibility with this program, or want to know more about other loss mitigation options available to you, call our office today for a free consultation.