FL S2006

Authorizes the Florida Housing Finance Corporation to create and administer a deficiency judgment reimbursement program, contingent on receiving a minimum of $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 value declined 30 percent or more below the mortgage principal, or whose last monthly mortgage payment exceeded 31 percent of current monthly gross income, and who are subject to foreclosure by a participating financial institution.

Entitles eligible homeowners to receive a full deficiency waiver from their 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.

Allows participating financial institutions to file claims for 10 percent of the deficiency amount when foreclosures are settled through written agreements with eligible homeowners.

Establishes the program to terminate 1 year after receipt of required funds, but allows continuation past fund depletion until the scheduled termination date if the Legislature appropriates additional funds to pay pending claims.