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Will the 2019 hurricane season impact mortgage default rates?

On Behalf of | Jun 9, 2019 | Mortgages |

Real estate in Florida can be some of the best in the world. Unfortunately, it can also come with some of the highest risk. Property along the coastline can be subject to the devastation of a hurricane. These powerful storms can destroy roofs, level walls and even change the shoreline.

Will 2019 be a bad year for hurricanes?

Experts currently predict the 2019 hurricane season to result in weaker hurricanes compared to previous years. This prediction is due to the fact that we are currently experiencing a weaker than normal El Nino pattern.

Although this may provide some comfort, it is important to remember two things:

  • Even a weak hurricane can lead to serious damage. These storms have winds that can cripple buildings. As a result, any hurricane can result in costly damage to your home.
  • Other disasters remain a threat. A publication by DS News, a source that focuses on information tailored to housing and mortgage professionals, notes other natural disasters like wildfires and tornadoes will continue to pose a serious threat throughout 2019.

it is also important to remember that although 2019 may be a mild hurricane year, future years could result in more serious storms.

What about homeowners who have properties damaged by storms?

It can be difficult for a homeowner to keep up with mortgage payments when their home is damaged and requires additional, often costly work. Those who find themselves struggling with their mortgage payments have options.

In this situation a homeowner may consider a loan modification. This can result in more manageable payments to help you get by while diverting funds to cover the cost of repairs. An attorney experienced in loss mitigation and foreclosure prevention matters in Florida can discuss this and other options to help better ensure you protect both your home and your financial future.