Facing foreclosure can be one of the scariest things a homeowner has to deal with. The possibility of foreclosure can sometimes be seen ahead of time, starting with delinquent payments, moving on to trying to negotiate a new mortgage plan with the banks and then, eventually, leading to a foreclosure. But, a recent report came out recently suggesting that the years of problems residents of South Florida have faced in complying with mortgage payments may be easing.
According to the report, the number of foreclosure-related home sales in Broward County showed a 31 percent decrease in the second quarter of 2012 when compared to the same figures from 2011. That figure was a 15 percent decrease for Palm Beach County. There were a total of 3,259 sales in Broward County and 2,966 sales in Palm Beach County.
While in the past homeownership has been considered to be one of the safest investments an individual or family could make, the tanking of the housing market over the past few years has led many to reconsider property ownership. And, after the real estate meltdown, banks are now much more cautious about who they will consider issuing a mortgage to. But, as many of our recent posts have shown, the South Florida real estate market has seen an extraordinary comeback when compared to the rest of the country, and homeownership in the local area looks like it is still worth the risk.
However, there are still many people who are struggling with their mortgage payments. Anyone in this type of situation may want to consider the possibility of a mortgage loan modification, to ensure that they can remain in their homes and avoid a foreclosure proceeding.
Source: SunSentinel.com, "Foreclosure-related home sales fall in 2nd quarter," Paul Owers, Aug. 30, 2012