Nearly 50% of Jacksonville Homes are "Underwater"
As many Jacksonville residential homeowner's are aware, most homes are and have been declining in value for a while now. Many Florida residents are "underwater" on their homes. Underwater means they owe more on the house than the house is worth.
The Obama administration passed legislation designed to help Americans with the foreclosure crisis. The Home Affordable Modification Program (HAMP) was passed in 2009 and, if eligible, the applicant can apply to have the terms of the mortgage adjusted to something more affordable.
Government agencies have helped finance the program and, for the most part, servicers seem to approve the program. If you are not eligible for HAMP, there may be other alternatives offered by your mortgage provider. If you have questions about foreclosure or bankruptcy, you should consult and experienced attorney. To learn more about options for troubled homeowners, please visit 44% of Jax properties underwater.
If you have a question about foreclosure or bankruptcy, contact Wood, Atter & Wolf, P.A., a Jacksonville, Florida law firm.
