Florida Making Progress in Decreasing Number of Homes “Underwater” in Terms of Mortgages

South Florida was hit especially hard when the housing market collapsed during the recession and home prices tanked. Around 50 percent of local homes went underwater in 2010, making it nearly.

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If you are able to make your mortgage payments, but want to reduce them to a more affordable level, here is how to find out if you’re eligible to refinance your underwater mortgage and the steps.

Number of homeowners with underwater mortgages decreases November 16, 2012 According to the third quarter zillow negative Equity Report, negative equity decreased in the the quarter, with 28.2 percent of all homeowners reporting having underwater mortgages.

Underwater Mortgage: Which Refinancing Program are You Eligible for? Do you want to refinance your underwater mortgage? Use this step-by-step guide to see which refinance program you qualify for: HARP, IRRRL, FHA Streamline Refinance, or USDA.

Underwater mortgages can occur for a number of reasons. Taking out a second mortgage or a home equity loan, for example, might cause you to be upside down on your mortgage. economic crises and housing market crashes have historically led to homeowners to have negative equity in their homes.

The Center for American Progress has updated its “State of. used expanded categories of race and ethnicity, making comparisons with earlier years problematic. High-Cost Mortgages: Home Mortgage.

Completed foreclosures are an indication of the total number of homes actually lost. as well as Florida, still have elevated levels of distressed housing, but they are making more rapid progress as.

The decrease was attributed to lower average transaction value. In addition, we continued to make progress in our longer-term initiatives. We opened 126 new stores and renovated, relocated or.

Now, though, national home values are higher than ever, and many owners who held on to their homes throughout the housing crisis have resurfaced on their mortgages. Still, despite the progress made as the negative equity rate falls, 4.4 million homeowners remain underwater, and about 713,000 of them owe at least twice as much as their homes’ value.

According to details released yesterday, the new program would help millions of homeowners refinance into new mortgages. making timely mortgage payments on the home in which they live and meet.