Housing rescue shuts out many South Floridians

More than 294,000 South Florida borrowers won’t qualify for help under the Obama administration’s mortgage refinance plan, because they owe more on their first mortgages than allowed under the plan, according to an analysis by Zillow.com. Roughly a third of homeowners in Miami-Dade and Broward counties owe more than their properties are worth. Some lenders may still find it more cost-effective to foreclose on South Florida borrowers, who even in the best of times often devoted more than 31 percent of their income to housing.