FL homeowners flock to principal reduction program

A Chase loan modification that features a reduction in the principal balance is offered to some homeowners-but who qualifies for this very important feature and why? The $75 billion dollars set aside to help homeowners find loan workout solutions serves to encourage Countrywide and other banks to offer very aggressive options.

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Jason and Pascale Royal would love to move up to a bigger home. With a new baby and a dual income, they are even willing to pay more for a bigger mortgage. The trouble is, the mortgage on their south.

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The federal government has allocated funding to assist eligible Florida homeowners who owe at least 115% more on their home than its current market value, commonly referred to as the home being "underwater." The Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program will provide up to $50,000 to an eligible homeowner(s) to help reduce the.

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.

The minimum qualifications a homeowner must meet to be considered for participation in the Florida HHF-PR program are as follows: Principal reduction program funds will be in the form of a 0% percent, deferred-payment loan that will be subordinate to current mortgages on the home. The loan can be forgiven over a five-year period,

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FL homeowners flock to principal reduction program. Posted on September 29, 2013 – 05:44 PM by Laura Hepworth. By 9 a.m. Thursday _ just 24 hours after the state began taking applications for a principal-reduction program _ more than 12,000 Floridians with underwater mortgages applied for the aid.

The standard approach includes principal reduction, but only after the interest rate is cut and the term of the loan is extended to reduce the payment to 31 percent of the borrower’s income.

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.

The maximum reduction is $100,000 per homeowner. For eligible homeowners, the program will reduce mortgage payments to less than 38 percent of household income by reducing principal to between 105 and 140 percent of the home’s value. The goal is to provide a sustainable mortgage payment, not to provide instant equity.

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