Tallahassee, Florida -- Florida is handing out $350 million in federal cash to homeowners with underwater mortgages.
The Florida Housing Finance Corporation is accepting applications from people whose homes are worth significantly less than what they owe on their mortgages.
The agency is taking up to 25,000 applications, but they're pouring in fast so you'll have to act quickly.
Cecka Green, of the Florida Housing Finance Corporation, says it's estimated the program will end up helping about 10,000 eligible homeowners reduce their mortgage balances by about $35,000 per person.
"It is valuable because by reducing the principal and then either recasting or refinancing the mortgage, it could effectively bring the mortgage payment down, which puts more money in homeowners' pockets every month."
Green details some of the eligibility requirements.
"First and foremost, the homeowner needs to have remained current on their mortgage for the last two years. The outstanding principal balance cannot be more than $350,000. The property needs to be at least 125% under water, meaning that the homeowner owes at least 25 percent more on the property than its value and the home must have been purchased before January 1 of 2010."
Get more information on how to apply and eligibility at www.principalreductionFLHHF.org or www.flhardesthithelp.org