Many Florida residents know what it is like to have trouble staying on top of a mortgage plan. When people enter into a mortgage agreement, they rarely do so with thoughts of future trouble in trying to make the monthly mortgage payments. But, for whatever reason, be it the sudden loss of a job or another significant change in income, sometimes life changes result in a need to reassess the ability to make those payments.
It appears that one former National Football League star may have experienced this kind of situation over the last few months. Many of our South Florida readers will remember Clinton Portis, a quick and bruising running back who played his college ball at the University of Miami. He played his pro career in Washington, D.C., before being traded to Denver. But, it appears as if Portis had made quite a connection with the Miami area during his college days, and he purchased a condo in 2004 for $665,000. A recent article noted, however, that a foreclosure lawsuit was filed against Portis on the property in December of last year.
When someone begins making delinquent payments or is unable to make payments altogether, one popular option is to try to get the lender to agree to a mortgage loan modification. This could get the monthly payments lowered - thereby making it easier to stay in the property and repay the loan.
For Portis, it doesn't look like he needed to make this type of financial move. The reports indicate that he sold the property recently, for $900,000, and repaid the loan. This indicates that the property in question was quite impressive indeed, but many Florida residents simply don't have this option. For them, getting a mortgage modification may be the only alternative to foreclosure.
Source: South Florida Business Journal, "Ex-NFL star Portis evades foreclosure on Miami condo," Brian Bandell, April 11, 2014