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.
Paying on a mortgage in Miami, Florida, can be difficult when a person is on a fixed income, but maintaining ownership of the real estate is important. People who are struggling financially and concerned that they will not be able to continue making mortgage payments may be seeking alternatives that allow them to stay in their homes. There are programs available that may provide the assistance needed. However, there are also dishonest professionals such as real estate agents and mortgage companies that create false programs to take advantage of senior homeowners who find themselves in a vulnerable position.
Getting a notice that your home in Miami-Dade is going to be foreclosed on can be frightening. You may think there is nothing you can do because of your current financial situation but that may not be entirely true.
A home is a big investment and many people in the Miami-Dade area often put everything they have into buying one. However, unexpected medical bills, maintenance costs or a job loss could put that dream in jeopardy. If people are unable to make their mortgage, the bank has the legal right to foreclose on the property.
It has been several years since The Money Pit was in theaters, but prospective homebuyers may cringe at the idea of experiencing the nightmares faced by the couple in the movie. When it comes to issues regarding a home’s structure and safety, this is no laughing matter. Despite the economy improving, there are still many vacant homes in Miami and throughout Florida, which have gone through a foreclosure.
With the economy improving in Florida and elsewhere, you are likely to have more borrowing options than in years past. This may be true even if you have gone through a bankruptcy or foreclosure. Given enough time and some good financial habits, you should be able to recover from a foreclosure or bankruptcy sooner than you might think.
Ever since the housing market crash, Florida has held the dubious honor of being one of the top states suffering from foreclosures and other major financial issues. If you faced a foreclosure in Miami or elsewhere in the Sunshine State at any point during the past few years, you were far from alone.
After going through a foreclosure, you may hear a great deal of conflicting advice. Some may say you can recover fairly quickly from this type of setback, or you might be told it can take at least a decade until you’re able to buy a house again. At Cuevas, Garcia & Torres, P.A., our experience aiding Miami residents facing foreclosure has given us a deep insight into the myths and truths surrounding this difficult experience. We are often able to put clients’ minds at ease despite one of the most challenging events of their lives.