There is no doubt that Florida was one of the states that was hit hardest during the housing crisis. While the economy has begun to recover, there are still a lot of homeowners with mortgage loans that are considered underwater, where the market value of their home doesn't cover the outstanding balance on their mortgage loan.
With a record number of home owners facing financial hardship and foreclosures on their homes, including many in the Orlando area, many people are looking for alternative ways to pay and lessen their burden. A pilot program for mortgage modification started last year in the Orlando area and not people across the nation are taking note.
A recent study has determined that the average American is still struggling with quite a bit of debt, but that some residents living in Florida actually have a higher than average amount of debt.