$700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas

Jason "Joe" Nipoorbetween 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.

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Re: $700 Billion Unpaid Mortgage Balances In Hurricane Harvey And Irma Disaster Areas most banks and mortgage companies will grant "forbearance" on payments for at least six months to assess and hire contractors, and another six to twelve months to get repairs done.

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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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In total, 4.3 million properties with nearly $700 billion in outstanding mortgage balances are located in FEMA-designated disaster areas in Texas and Florida, according to a preliminary estimate by Black knight financial services: disaster areas of Hurricane harvey: 1.18 million mortgaged properties with $179 billion in unpaid mortgages.

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.

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.

Still, there are 1.18 million mortgaged properties in Harvey-related disaster areas, more than twice as many as were hit by Hurricane Katrina, with nearly four times the unpaid principal balance.

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