madsentarantino: Florida Mortgage Delinquency Chart

by Jacksonville Real Estate Agent - Brad Officer on November 9, 2012

Over 1 in 6 Florida Mortgages are Behind on Payments!

Why are so many home owners in Florida behind on mortgage payments? ??I believe its due to several factors:

Tops in underwater home owners: ?The more home owners underwater, the more home owners attempting to refi, apply for one of the many jokes of government assistance, short sale, etc. ?Read Negative Equity is the Number 1 Reason for Default.
Requirement to be delinquent for modification: ?That?s right, most of the ?help? available to home owners struggling to make payments REQUIRE a home owner to be behind on payments. ?Crazy, but true. ?
Requirement to be delinquent for short sale: ?That?s right again, most of the banks and investors (including our government Fannie and Freddie) have required home owners to be late on payments in order to short sale. ? Will they accept a short sale if you are current on payments? ?Yes, but the successful sales I?ve had with owners being current have all had mothers born in Ireland on a Tuesday. ?AKA ? slim chance. ?
Strategic Default: ?Home owners attempt to refi. ?They attempt to have the principal balance reduced. ?They try to work with the bank, but they get nothing but months and sometimes years of misled information, the run around, the red tape, the nightmare that never ends. ?At some point the home owners realize the banks are a business and don?t ?care about them?. ? They finally realize this! ?Now the home owner starts thinking like a business person?themselves, so they make the decision to take their financial future in their own hands and default on the mortgage. ?Get to this point, and you should short sale!