Law Office of Kimberly A. Abrams & Associates, P.A.
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Posts tagged "borrower"

How can a Florida resident get a mortgage loan modification?


Many people have found themselves in a situation where they need to reevaluate their finances. Sometimes, this is due to an unexpected issue, like the sudden onset of a medical condition, or the loss of a job. However, many times people can see the problem coming. Maybe they are spending more money than they are making, and it is going to catch up with them down the line. For some people, a mortgage problem sparks the concern as well as the need to take proactive steps.

The security interest in your mortgage


Tens of millions of Americans have a mortgage. Many of our readers probably have a mortgage on a piece of property in South Florida. And most people understand the basic premise of what a mortgage is, which is a loan from a bank or other lender that helps a person buy property, resulting in monthly payments made on that loan over the course of about 15, 20 or 30 years.

What is the best way to pick a mortgage plan?


When it comes to be time for a South Florida resident to apply for a mortgage, there are quite a few things to check off the to-do list. After all, a mortgage is probably the biggest loan that an individual or a couple will ever take on in their lifetimes. As a result, lenders require a lot of documentation that proves that the borrower can make the monthly mortgage payment without fail.

South Florida property still being hit hard by foreclosures


Many of our readers may have seen a previous post here that detailed how delinquent payments on mortgages are still a major concern in the South Florida real estate market. This is despite the fact that the local real estate market has experienced a rebound in the last few years that is nearly unmatched in the nation. The news on delinquent payments and foreclosures, however, may be worse than what was previously thought.

Delinquent payments on mortgages still a concern in South Florida


There are many different ways to measure the health of a recovering real estate market. Mortgage giant Freddie Mac uses something called a "Multi-Indicator Market Index," also known as a MIMI. This index looks at four different factors to assess the health of the real estate market in any given area: applications for home purchases, employment in the area, the affordability of real estate and the level of mortgage delinquencies.

An overview of the deed in lieu of foreclosure process


Most of our South Florida readers are probably familiar with the general process of a foreclosure. This is the process by which a mortgage lender can seize the home of someone who is not keeping up with their monthly mortgage payment and, as a result, the lender makes the determination that it is a better option to take over ownership of the property itself rather than to try to work out an arrangement with the delinquent borrower. However, there is another process that our readers may not be too familiar with: the deed in lieu of foreclosure process.

Options when facing foreclosure


When people are having financial problems, they may see a possible foreclosure looming in the near future. But, oftentimes homeowners do not begin thinking about what other options may be available to them until it is too late. Recognizing that they are having a tough time financially and recognizing this fact early may allow homeowners to explore all available options before a foreclosure action commences.

Florida borrowers of all stripes face difficulties with mortgages


For months our South Florida readers have probably gotten used to seeing nothing but good news about the residential real estate market in the local area. Indeed, there has hardly been a month where the real estate data and figures gave anyone involved in the real estate market a reason to pause and think about any negative factors to consider. But, on the other hand, many of our readers probably also know that Florida was one of the states that was hit the hardest by the bursting of the so-called housing "bubble." So, perhaps it should come as no surprise that foreclosure actions are still a problem throughout the state - including in South Florida.

Mortgage loan modification not perfect, but is viable option


Purchasing a home is an exciting milestone in life. Before buying, home seekers are put through a strenuous process by banks to see if they qualify for a loan. If they do qualify, then they can purchase their home. However, though the mortgage payment may be manageable at first, unexpected life events can render the payments difficult to make. The loss of a job, a cut in wages, or increased expenses from health-related issues may all affect a family's ability to pay their mortgage bill.

Foreclosure hits former Miami Dolphins player Daunte Culpepper


When a South Florida homeowner fails to make a mortgage payment on time, it can be a problem. And when a homeowner is faced with a situation where they are consistently making delinquent payments the problem can be magnified. But the worst case scenario is a foreclosure, and that appears to be the situation for former Miami Dolphins quarterback Daunte Culpepper.

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