FL H1421

Authorizes the Florida Housing Finance Corporation to create and administer a deficiency judgment reimbursement program contingent on receiving minimum $100 million from the U.S. Department of Treasury's Housing Finance Agency Innovation Fund for the Hardest-Hit Housing Markets.

Defines eligible homeowners as those whose homestead property has declined 30 percent or more in value below the mortgage principal, or whose pre-default monthly mortgage payment exceeded 31 percent of current monthly gross income.

Provides eligible homeowners a deficiency waiver from the lender and up to $1,000 in moving expenses if they agree in writing to settle the foreclosure with a nonmonetary judgment and vacate the property within 3 months.

Permits participating financial institutions to file claims for 10 percent of the deficiency amount for foreclosures settled under the program agreement.

Sets program termination 1 year after receiving required funds, with option to continue beyond depletion with legislative appropriation to process pending claims filed before fund depletion.