$700B unpaid mortgage balances in Harvey and irma disaster areas. Putting the Harvey damange in context, after Hurricane Katrina mortgage delinquencies in Louisiana and Mississippi disaster areas spiked by 25%. The same could happen in Houston, as borrowers without flood insurance weigh their options and decide to walk away from the property.
See Texas Mortgage Relief Programs for Harvey Victims. many mortgaged properties in Houston with four times the unpaid loan balance of what. while about 350,000 in Hurricane Irma disaster areas have either limited or negative equity.”. “Of the 3.2 million borrowers impacted by Irma, an estimated 170,000 were still.
In dollar terms, this means that there is some $517 billion in unpaid principal balances in Irma-related disaster areas, nearly three times the.
The Hurricane Harvey disaster area covers the entire state of Texas.. be Offered to Displaced Victims of Hurricanes Harvey, Irma and Other Recent Disasters.
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“More than 3.1 million properties are now included in FEMA-designated Irma disaster areas, representing approximately $517 billion in unpaid principal balances. 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,” Graboske said.
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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.
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· There are 2.08 million mortgaged properties in Irma-related FEMA disaster areas, more than four times that of Katrina and twice as many as Harvey. Total unpaid mortgage balances for Irma areas are $370 billion. If the correlation worked, there could have been half a million mortgage delinquencies in Florida, but, again, the storms were different.
In 2017, three highly destructive hurricanes-Harvey, Irma, and Maria-brought. areas related to disaster preparedness, response, and.. fall between $70 billion and $110 billion, with some. claims.24 Most of the outstanding debt resulted from. require flood insurance if the mortgage was issued.
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