When many people envision a foreclosure, they picture a struggling homeowner who cannot afford to make mortgage payments. However, foreclosures can also have a significant impact on businesses and the people they employ. In Miami-Dade, and all throughout Florida, business owners who can no longer afford to make payments on a loan they took out to purchase commercial property may lose everything they have worked for, which underlines the importance of handling foreclosure matters appropriately.
When a borrower is unable to make mortgage payments on their home, the entire family may suffer. Not only do people in this position often face debilitating anxiety and lose sleep at night, but their financial future may be hit hard and they could be forced to move out of the family home. On the other hand, investors may wish to defend foreclosure actions taken against homeowners who have missed payments for years. In Miami-Dade County, and other regions of Florida, people who are struggling with these massive challenges should do everything in their power to make sure that the foreclosure process moves forward as smoothly as possible.
Over the past several months, information has surfaced which reveals the significant number of foreclosures in Florida. Unfortunately, there are untold stories that are not reflected in the foreclosure rate in Miami-Dade County, and across the state. Even though there may be fewer foreclosures in the area in comparison to previous years, there are still a large number of Floridians dealing with this stressful issue who are unsure of how their future will unfold.
From losing a source of income to an unexpected medical issue, there are a myriad of reasons why homeowners find themselves unable to continue making mortgage payments. In recent years, an alarming number of people in Miami-Dade and across Florida have found themselves in the middle of foreclosure. As a result, it is essential for people who are going through this to carefully evaluate their set of circumstances. For some, a solid foreclosure defense could help prevent eviction and allow familes to continue living in their home.
Trying to keep up with a mortgage in the middle of other financial difficulties can create a situation that feels impossible to homeowners in Miami. Although a person may want to let the house go and focus on other expenses, it may not be obvious how to accomplish this without going into foreclosure, an event from which it may take years to recover. The Consumer Financial Protection Bureau points out that a deed-in-lieu of foreclosure may be the answer.
When you applied for your mortgage loan, you may have chosen your lender carefully based on your financial plan and what rates were offered to you. However, a different company may be servicing your loan, and this change may not be entirely welcome, particularly if you have come under hard times and are having difficulty making payments. According to Reuters, the Consumer Financial Protection Bureau recognizes that some mortgage servicers are not treating their customers fairly, and that federal agency is working to correct the injustices.
Falling behind on mortgage payments may seem devastating for homeowners in the Miami-Dade area, but often, there are options that may provide relief and allow a person to retain the home. As the Consumer Finance Protection Bureau explains, the lender may lose money if the loan goes into default. So, options have been developed to assist mortgage holders who have fallen behind on their loans.
Despite reports for several years now that Florida and the rest of the nation has been rebounding from the Great Recession, many people continue to struggle financially. Making ends meet and providing for individuals and families alike weighs heavily on the hearts and minds of countless Floridians. This can be seen in a multitude of ways, including statistics showing how many people are losing their homes due to foreclosure activity.
Paying property taxes is a part of owning real estate in Florida, and if you fail to pay them, the outstanding debt can add up to some stiff consequences. The Miami Herald reports that instead of sending a delinquent account to collections, Miami-Dade County may sell it to a private investor. This allows the county government to ensure that the millions of dollars in unpaid property taxes will still be available to fund the budget.
Whether you are thinking about purchasing a home, land or building in the Miami-Dade area or you are already property owner, foreclosure may be a subject you would rather not have to think about. However, even when you are in good standing on your loan, it is a good idea to be aware of some fundamentals of this important term in the real estate glossary. At Cuevas and Garcia, P.A., Attorneys at Law, we often answer questions about foreclosure and provide legal advice for people who are concerned that it may be a possibility in their future.