Florida to cut mortgage balances of 10,000 underwater borrowers

Starting Wednesday, up to 25,000 Florida homeowners can apply for a $350 million program designed to reduce the mortgage balances of borrowers who are “underwater,” meaning they owe more on the home than the home is worth.

The goal of the program is to provide up to $50,000 to 10,000 homeowners that meet eligibility requirements, which include being current on their mortgage payments, total household income less than 140 percent of the area median income, and a mortgage balance at last 125 percent more than their property is worth but not more than $350,000.

Source: SunSentinel