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As a real estate agent specializing in the Oviedo-Winter Springs area, Allison Day sees them all the time: upside-down homeowners who don’t want to move but can’t afford to stay.
“These are homeowners who desperately want to stay in their home. It’s very frustrating for them,” Day said.
For those who fall behind in their mortgage payments, the options are few – loan modification, short sale or foreclosure. All have their drawbacks.
Day, who is with Prudential Florida Realty in Oviedo, hasn’t seen much willingness on the part of lenders to permanently modify their loans, which changes the original terms of the mortgage, typically reducing the monthly payment but adding to the length of the loan.
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