Recent data collected by Zillow.com shows that underwater mortgages, meaning homeowners who owe more than their home is worth, are declining in South Florida. Sixteen percent of homeowners in Palm Beach County are currently underwater on their mortgages. The previous year there were twenty four percent underwater. Nineteen percent of Broward County’s mortgages are underwater, down from twenty five percent in the fourth quarter of 2014.
Home values are on the rise in South Florida and as a result, negative equity is declining since its peak of forty percent in 2011. Negative equity occurs when the value of an asset, such as a home, falls below the value of the outstanding loan balance.
Another factor that real estate experts attribute to the decline in underwater mortgages is the decline in foreclosures in South Florida this year. According to analysts, South Florida is recovering better than most markets across the country since the housing bubble burst in 2008.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.