The Real Deal Miami

Some homeowners choose to default

October 16, 2008 12:09PM

As home values in Florida have fallen, some homeowners are considering stopping payments on their mortgages in order to qualify for relief
programs. Forty percent of South Florida homeowners who bought units in
the last five years, and 76 percent of those who bought homes in 2006, owe more on their mortgages than their houses
are now worth, according to real estate data firm Zillow. It may take a
decade or longer for their homes to return to their purchase values.