The Real Deal Miami

Florida borrowers helped through Hardest Hit program

Many applicants still wait for an answer on loan reduction requests, however

underwaterEarly returns are coming in for the state’s mortgage reduction program.

The average Florida homeowner approved for the program is receiving $41,950 to pay down a home loan, according to the Palm Beach Post. But thousands of applicants are still in limbo six months after the initiative was announced.

A total of $350 million was set aside for the principal reduction program, one of five that fall under the state’s $1 billion Hardest Hit housing assistance initiative. Approved homeowners are eligible to receive up to $50,000 through a five-year forgivable loan.

In Palm Beach County, only 146 of the 2,100 applicants have been approved. [Palm Beach Post]Eric Kalis