Fewer underwater mortgages in Florida, but challenges remain

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.

 · After 20 years in their house, Jaime and Juana Coronel lost it to foreclosure when Jaime’s landscaping work dried up in the recession and the couple fell behind on payments. As the eviction.

The effects of the Great Recession may be receding, but many massachusetts homeowners remain underwater. The number of foreclosures. like California and Nevada. It had fewer subprime loans, which.

If you do choose to abandon your "underwater" home, you’ll need to accept the possibility that your credit score will suffer significant damage. To avoid this outcome, you should contact a lawyer who specializes in "short sales." This is a type of managed foreclosure that may enable you to remain in good standing with your mortgage lender.

Q: Can I refinance with an LTV above 80%? A: The short answer is "yes," you can get a loan in excess of 80 percent loan to value (LTV) in a refinance transaction. However, if the loan is to be backed by Fannie Mae or Freddie Mac, your mortgage lender will need to secure a Mortgage insurance (mi) policy on your loan.

Some for-profit groups also have sprung up, like Community Champions of Melbourne, Florida to fight the effects. Meanwhile, borrowers must remain alert to police their own mortgages, according to a.

Top 10 states for ‘underwater’ homes. Fewer homes are seriously underwater, according to RealtyTrac. But underwater homes are still a problem in some places. The housing research group defines "seriously underwater" as owing more than 25 percent than the home is worth. More than 1 in 6 homeowners with mortgages were seriously underwater in.

Florida Mortgage data

 · Housing Prices. Still, as of March 2012, almost a quarter of U.S. homeowners – approximately 11 million – were underwater on their mortgage. There may be tentative signs of health in the housing market but it has a long way to go before the market is healthy again.

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