WEAR ABC 3 - Search Results
Help for Florida homeowners that are 'underwater' with mortgage
FLORIDA -- Florida homeowners who owe more on their mortgages than their houses are worth could be getting some help.
The Florida Housing Finance Corporation is launching a new 350-million dollar program.
They say people who meet the eligibility requirements will be able to apply for up to 50,000 dollars to reduce the principal owed on their mortgage.
The program is restricted to homeowners who owe 125 % more on mortgages than their homes are worth.
Officials say initially 25,000 applications will be accepted.
At least 200,000 homeowners are considered underwater in Florida.