TALLAHASSEE - As of today at 11:57 p.m., the process for homeowners to apply for the Florida Hardest-Hit Fund Principal Reduction (HHF-PR) program has closed after reaching 25,000 applications. The online application opened last Wednesday, September 25. Upon submission, each application was assigned to an HHF-PR advisor agency, where staff will begin the process of determining eligibility for participation in the program. Homeowners who are deemed eligible and whose mortgage servicer has agreed to accept HHF-PR funds can receive up to $50,000 to reduce the principal balance of their first mortgage.
"Now that the process has officially closed, it is important for homeowners who got into the system to work with their advisor agency and submit the required documentation as quickly as possible," said Cecka Rose Green, communications director for Florida Housing. "This assistance will be disbursed on a first-come, first-served basis; therefore, a ‘place in line’ cannot be held for applicants who delay getting their paperwork turned in to the agency."
Once a homeowner has been deemed eligible to receive HHF-PR financial assistance, the first mortgage loan servicer will be contacted to effectuate the transmittal of the funds. Once the funds have been transmitted and applied to the principal of the loan, the loan can be recast (re-amortized) to yield a lower monthly mortgage payment for the homeowner. For those who have government-backed mortgages, the loan will need to be refinanced to lower the monthly payment. For a complete description of the program and terms of assistance, click here to be connected to the website, and then download the FAQs, which completely detail the program.
Additionally, it is important to note that the government shutdown that occurred yesterday is not expected to affect the HHF-PR program, nor current homeowners participating in the HHF UMAP/MLRP unemployment programs.