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.
Back when the housing bubble burst a few years ago, billions of dollars of home equity was lost by millions of homeowners throughout the country. Florida in particular saw home values plummet drastically, and there is still a long way to go before values return to pre-bubble figures - if they ever do. Nonetheless, there is a strong housing recovery taking place in South Florida, even if we are years from a return to relative stability. However, the local market is still dealing with the aftershocks of that bubble bursting, with many homes in South Florida still "underwater."
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.
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.
Anyone who has ever missed a mortgage payment knows the fear of foreclosure. Thinking that the family home could be lost because of an inability to make payments on time can cause a high level of stress. But, unfortunately for millions of families throughout the country, and especially in Florida, the economic problems of recent years have forced many to actually see a foreclosure action carried out to completion. This nearly brought the American economy to its knees.
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.
Anyone familiar with many of our previous posts knows that the South Florida real estate market is presenting both property buyers and sellers with unique positions. Unlike many areas in the country, the South Florida market is red-hot and seemingly only getting hotter by the day. But is there any downside to the feeding frenzy that seems to have engulfed property in Broward, Miami-Dade and Palm Beach County? According to a recent report, there just might be.
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.
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.
A South Florida reader who frequents posts here has seen one undeniable trend: the local real estate market, for the most part, is as hot as can be right now. Great news all the time, right? That is usually the case, but for many homeowners in the area good news is still something they are waiting for.