Orlando Mortgage Blog

Negative Equity In Florida

June 12th, 2013 5:09 PM by BILL WILBANKS

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According to the latest report from real estate analytics provider Corelogic, Florida is ranked number 2 only behind Nevada at 45% of all properties with negative equity. Florida now sits at 38.1% of properties with a mortgage still having negative equity (owing more than the home is worth) at the end of the first quarter 2013, followed by Michigan at 32%, Arizona at 31.3% and Georgia at 30.5% I agree that's nothing to brag about, but much better than a couple years ago when market quotes reflected it over 60%. Negative equity has kept hundreds of thousands of property owners from being able to take advantage of recent historic mortgage rates. They simply could not qualify for a standard loan.

There is good news however. If you are one of these folks there may be a solution for you. Click on the HARP Refinance button in the column to the left now to see if your current mortgage is owned by either Fannie Mae or Freddie Mac which many are. Who owns the mortgage is what is important, not who services your payments. If it is, read the brief product guidelines in the right column to learn more. Then if it looks like it fits your situation call and let us show you how it can work for you. These great rates can't be around forever and have been steadily going up recently. It's also been said that there may be as many as 40%+ of mortgages in the market that are still over a 5% rate. Don't miss your big chance...it's easy to find out.

Bill Wilbanks 

 

Posted in:General
Posted by BILL WILBANKS on June 12th, 2013 5:09 PM

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