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.
Falling behind on mortgage payments on your Florida home may cause some legitimate concerns about whether you will be able to retain your property. Once a foreclosure case has been filed, it may seem as if the process is on its way to completion. Events are not always straightforward, though, and under some circumstances, cases have been dismissed. SFGate.com explains that this may occur if the lender loses the promissory note on your loan.
If you are struggling to make the payments on your mortgage on your home in Florida, you may be tempted by advertisements on television or materials you receive in the mail that promise assistance. Often, these are designed to cheat you out of your money and your home. However, the federal government has set up some programs to help buyers who are at risk of falling behind on their loan payments. It is important for you to be able to tell the difference between these and any fraudulent offers you may have received.
Making house payments in the months and years after the recession hit has been difficult for many homeowners in Miami-Dade County and the other two counties in the South Florida area. While some who face serious financial challenges have continued to pay their mortgages on time despite their struggles, others have been unable to meet the obligations and are facing foreclosure.