President Obama's $75 billion foreclosure-prevention plan will not be a panacea for many South Floridians, according to Zillow.com.

Not a lot of "underwater" borrowers here stand to qualify for refinancing, the Seattle-based online real estate firm says.

The president said his program will help 4 to 5 million homeowners who owe more than their properties are worth, as long as their mortgages are held or guaranteed by Fannie Mae and Freddie Mac.

Under Obama's plan, the government-run companies would be allowed to refinance mortgages as long as the loan-to-value ratios are no greater than 105 percent. According to current rules, they can't guarantee home refinancing if a mortgage amounts to more than 80 percent of the home's value.

But Zillow found that only 18 percent of all mortgage holders in Palm Beach, Broward and Miami-Dade counties fall between the 80 percent and 105 percent loan-to-value parameters. Zillow said 35 percent have loan-to-value ratios higher than 105 percent and would not qualify.