Miami Homeowners Scramble to Make Mortgage-Reduction Deadline

by Isaac Benmergui, Esq on October 2, 2013

NameChangeFlorida Housing Finance Corp. announced is principal-reduction program only last Wednesday, but with 22,000 homeowners already having requested a mortgage reduction, the agency is quickly approaching the 25,000 application limit.

To qualify for the reduction, there is some math involved: the program offers as much as a $50,000 reduction in the home loan provided the applicant’s salary is more than the locale’s median income. The unpaid principal balance can be $350,000 or lower, but the loan balance must be at least 125 percent of the home’s current market value.

If the homeowner qualifies for the reduction, but sells the house within five years, some of the reduction money must be repaid.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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