Many of our South Florida readers have probably seen previous posts here that refer to mortgage loan modifications as a potential option for homeowners who may be facing a foreclosure action. Of course, for a homeowner who is struggling to make the monthly mortgage payment, any option is likely to be explored. But, for those who are interested in the possibility of a mortgage loan modification, at our law firm we attempt to explain the circumstances in which this option could become a reality.
When most South Florida residents think about purchasing a home, they do so from the standpoint that the new home will be their primary residence. After all, there aren't many people who can afford a second home these days - or are there?
Many real estate transactions in South Florida go smoothly, with the buyer and seller working together to push the deal toward a successful closing. People who find themselves a party to this type of transaction can consider themselves lucky, because not all real estate transactions go from start to finish without a dispute popping up.
Over the last several years many of our South Florida readers have probably seen their mailboxes inundated with mailers regarding prime opportunities to refinance their mortgage. Indeed, millions of Americans have in fact taken advantage of the low interest rates that have been prevalent for the last few years, refinancing their mortgages to a lower interest rate. But, what about those Florida residents who are facing a potential foreclosure action due to their troubles with simply making their monthly mortgage payments? Can refinancing a mortgage stave off a foreclosure action?