High LTVs, VA Mortgages Could Aggravate Florence Storm Impact
Posted To: MND NewsWireHurricane Florence, the storm that tore up much of eastern North and South Caroline in September, may be especially disastrous in terms of VA loans. Black Knight looks at the possible impact of the storm in its current issue of Mortgage Monitor . In the 34 localities declared as Hurricane Florence disaster areas the Monitor found there were a total of 1.17 million properties, 474,000 of which carry at least one mortgage. North Carolina bore the brunt of the storm, and 80 percent of the affected mortgages, an estimated 385,000, representing more than 20 percent of both total properties and mortgaged homes, are in that state. In South Caroline an estimated 90,000 mortgaged homes are located in FEMA declared counties, about 10 percent of all homes in the state. Black Knight says that only one…(read more)Forward this article via email: Send a copy of this story to someone you know that may want to read it.