Amid the continuous stream of positive reports concerning the South Florida real estate market, it can be hard to remember that there are still millions of people in America who are facing problems dealing with foreclosure and delinquent payments. According to a recent report, however, this problem may hit closer to home than many of our readers realize.
The report indicates that the rate of delinquent payments on mortgages in South Florida is the highest of all of the nation's top 100 metropolitan areas. Although the rate has been in a steady decline since about 2010, the delinquency rate in the third quarter of last year still stood at 15.8 percent among first-time mortgages in the three area counties.
Previous posts here have noted with regularity how common it is to see nothing but positive reports about the real estate market in South Florida, and the residential real estate market in particular. But this latest report just goes to show that there may be a lot of work and a lot of waiting before the real estate market in the local area can be declared to be truly "recovered."
Dealing with delinquent payments can be scary for individuals and families in South Florida because of the possibility that the lenders will seek alternative means for enforcing the mortgage plan. Nobody wants to live in fear of losing their home, so a smart move for many Florida residents to consider may be to seek a mortgage loan modification. Taking the first step of approaching a lender with financial concerns may result in a more manageable payment arrangement, as well as lessening the possibility of a foreclosure.
Source: Sun Sentinel, "Report: Seriously delinquent mortgages persist across South Florida," Paul Owers, Feb. 5, 2014