South Florida Decline in Underwater Mortgages As a result of higher home prices across Palm Beach and Broward County, the number of underwater mortgages is gradually decreasing. What exactly is an underwater mortgage? It defined as a home purchase loan with a higher balance than the free-market value of the home. This prevents the homeowner from selling the home unless they have the cash to pay the loss out of pocket and in most cases, prevents the homeowner from refinancing. If a homeowner is unable to pay the mortgage payments and wants to sell the home, it will fall into foreclosure unless the borrower is capable to renegotiate the loan. To read the full blog article, click the link below!
Posted on: Thu, 26 Sep 2013 00:49:09 +0000
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