Several of our recent posts here have examined the ongoing fluctuations in the South Florida real estate market. In a market that had been surging forward on high demand and expanded residential development, there have been some signs that a bit of a slowdown is happening. But what do these fluctuations mean for those who already own a home and who have a monthly mortgage payment to make? Is the relative health of the South Florida real estate market impacting foreclosures in the local area?
The short answer would appear to be “yes.” Statistics bear out that last year, 2016, had the lowest rate of foreclosure filings in the tri-county area of Broward County, Palm Beach County and Miami-Dade County since 2006. In fact, foreclosure filings in the local area fell seven percent in these counties last year, for a total of 12,862. Compare that to the peak of the housing crisis, when in 2009 there were over 133,000 foreclosure filings in the local area.
Although it is obviously great news that the South Florida real estate market is seemingly healthy for all involved, there are still thousands of homeowners who are facing tough times financially, leading to foreclosure filings. The specter of delinquent payments, or even missed payments, is a harrowing one indeed for homeowners who must make difficult choices with their finances. However, these homeowners are not without options.
Homeowners in South Florida who are having temporary difficulty making monthly mortgage payments may be able to negotiate a mortgage loan modification with their lenders. But, this can be difficult for borrowers, so anyone who may want to explore this option will want to make sure that they know the legal ramifications.
Source: Sun Sentinel, “South Florida foreclosures ‘tantalizingly close to normal’,” Paul Owers, Jan. 12, 2017