Florida's Hardest Hit Principal Reduction Program has reopened for applications. 

Last Thursday, the Florida Hardest Hit Principal Reduction Program reopened the application process for homeowners who are underwater with their mortgage.  A mere $102 million had been expended out of the $350 million allocation provided in 2010 and only 2,400 residents have been served to date.

Eligible homeowners who have remained current the last 24 months on their payments, and who owe at least 125% more on their home than its current market value, can receive up to $50,000 in assistance is provided to reduce the principal balance of the first mortgage, bringing the loan-to-value to no less than 100%.