Florida Tops List in Unpaid Mortgage Loans

by Isaac Benmergui, Esq on April 11, 2012

The Federal Housing Finance Agency reported that by year’s end 2011, more than 160,000 mortgages backed by Fannie Mae or Freddie Mac for Florida homeowners had not received payments in more than a year. In total, Florida had more than 292,000 late loans from both government-sponsored loan agencies. “So many homeowners simply give up and wait for a sale notice to be tacked to their door, it’s sad to see them so defeated,” says Miami-based real estate attorney and homeowner advocate, Isaac Benmergui.

The agency also reported that the Florida’s foreclosure process can take more than two years to complete, which may attribute to the high amount of unpaid loans. In Florida alone, Fannie Mae owns roughly 1.2 million loans; Freddie Mac owns less, at 750,000. Jack McCabe of McCabe Research and Consulting believes the FHFA should consider cutting homeowners’ mortgage balances, which would slow the delinquency rates.  The FHFA has yet to embrace the idea.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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