Personal finance: What if you don’t pay the mortgage?
We all talk about what ifs.
One big what if that many South Florida homeowners have today has to do with mortgages.
About one-third of South Florida mortgages are underwater, meaning the homeowners owe more than the home is worth at today’s depressed prices, according to First American CoreLogic. Some homeowners are certainly wondering why they’re sending in the payment on, say, a $300,000 mortgage, when the house today would only sell for $210,000.
Your options: Keep paying or try to change your loan’s terms.