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.
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.
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.
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.
Anyone familiar with previous posts here probably thinks that it is all "sunshine and roses" for the South Florida real estate market. There have been plenty of indications that this is true, from continually rising home prices to residential development, and even some news of bidding wars for the choicest of property. However, for those who have been buying and selling homes and other properties in the South Florida area in recent months, it can be easy to forget that there are still millions of Americans, including many in the local area, who are still having problems meeting their monthly mortgage payment.
Although residents of South Florida are probably getting used to seeing mostly positive headlines when it comes to the real estate market, it can be easy to forget that Florida residents statewide are still having a lot of problems with banks and lenders. With year after year of signs of only a tepid economic recovery, making the mortgage payment is still the hardest part of daily life for millions of Americans, including many in Florida. And, according to a recent report, January of 2013 marked the fifth month in a row in which Florida led the nation in the foreclosure rate.
A previous post here back in September discussed the positive implications for homeowners in Florida coming out of the historic $25 billion settlement that the majority of states agreed to with some of the country's largest mortgage lenders. A large portion of the funds agreed to were to go directly to helping homeowners who were facing delinquent payments and other problems associated with their mortgage plans. However, Florida lawmakers have been wrangling with the state Attorney General over about $300 million of the funds. Now, it appears the two sides have come to an agreement.
It has been quite a while since the historic $25 billion settlement between forty-nine states and some of America's largest banks has been a topic here. However, there are perhaps some of our South Florida readers familiar with the housing case that has reportedly helped many reduce the principal amount owed on their mortgage.