FEMA-designated disaster.contain over twice as many mortgaged properties as those connected to Hurricane Katrina in 2005, carrying nearly four times the.
In comparison, Harvey-related disaster areas held 1.18 million properties – more than twice as many as with Hurricane Katrina in 2005 – with a combined unpaid principal balance of $179 billion. Irma-related disaster areas now contain nearly seven times as many mortgaged properties as those connected to Katrina, with more than 11 times the.
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between Irma’s $517 billion and Harvey’s $179 billion, the total potential damage could impact as much as a $696 billion in notional mortgage values, which banks could be on the hook for if current occupiers decide to simply walk way.
Even as the damage from Hurricanes Harvey and Irma is still being tallied, a preliminary assessment released last week by black knight financial services estimated that as many as 300,000 borrowers in the vicinity of Houston could become delinquent on their loans and 160,000 could become seriously delinquent, or more than 90 days past due.
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· That same optimism has applied to potential losses that could emanate from the 1.2 million damaged homes that were in Hurricane Harvey’s path with a combined unpaid principal balance of $179 billion.
$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas. Hurricane Irma: Key West FREE Restaurant – Duration: 2:27. Dave Malkoff 923 views.
· Other risks include that of failing to have in place business interruption insurance. The mortgage brokers association reported morningstar Credit Ratings, New York had indicated that Harvey-related flooding would create uncertainty for 1,529 Texas properties with a USD$19.4 billion property balance backing commercial mortgage backed securities.
Equitable Mortgage Doctrine In Florida Florida courts have long employed the doctrine of equitable subrogation to allow a lender who satisfies an existing first mortgage with the proceeds of its loan to step into the shoes of the senior lien it has satisfied to avoid a prior junior lienholder from having priority over the new lender’s lien under Florida’s recording statute. The doctrine is intended to protect the expectations of the parties, avoid injustice, and prevent windfalls.
REALIST NEWS – $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas
· In dollar terms, this means that there is some $517 billion in unpaid principal balances in Irma-related disaster areas, nearly three times the amount as in those related to Harvey and more than 11 times of those connected to Katrina.
· Average combined loan-to-value ratio for homeowners with mortgages in Hurricane Harvey-related disaster areas is 53 percent, holding an average of.