The $350 million principal-reduction program offered by the Florida Hardest-Hit Fund closed its doors Wednesday after receiving 25,000 applications from underwater homeowners in one week.
Now, state officials will begin reviewing the flood of applications to see which homeowners will be able to trim up to $50,000 off their mortgage debt. Officials expect 10,000 Floridians will qualify for an average of $35,000 in relief.
More than 4,300 applications came from homeowners in Tampa Bay, with 1,500 applications each in Hillsborough and Pasco counties. About 200,000 Tampa Bay homes are underwater, CoreLogic data show.