According to recent news reports, nearly half of the mortgages in South Florida are currently underwater. Specifically, 46% of all homes in Miami are currently underwater, while 49.4 % of homes in Ft. Lauderdale are underwater.
Nationwide, 22.7% of all residential properties with a mortgage was underwater. However, that figure was down from 23.1% in the fourth quarter of 2010.
Nationally, Florida was 3rd with 46% of all residential properties currently underwater. Florida ranks behind Arizona (50%) and Nevada (63%).
The current real estate market, and ongoing foreclosure, and housing, crises, presents all sorts of issues that must be properly navigated by a struggling homeowner. Our Miami foreclosure defense lawyers have assisted many homeowners in buying enough time to reach the solution that is right for them. There are many alternatives to foreclosure, and often times it just takes proper planning to properly navigate against the potential pitfalls. Help is often available to those who seek it.