New loan terms hard to secure

Plunging home values are making it tough for South Floridians to work out new mortgage terms and avoid foreclosure. Even new payment terms are often more than buyers can afford, and lenders, watching out for their bottom lines, will go along only as long as helping the borrower will cost them less than foreclosing and reselling the home. Many banks and other lenders are wary of staying on the hook with borrowers who are highly likely to default again. In November, the Federal Deposit Insurance Corp. estimated that another 3.8 million mortgages nationwide would be 60 to 90 days past due by the end of 2009.