Law Office of Kimberly A. Abrams & Associates, P.A.
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Mortgages Archives

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.

What are the steps in the foreclosure process?


As previous posts here have mentioned, foreclosures remain a problem for the national housing market, and the South Florida area is not immune to this issue. Although many real estate markets throughout the country are recovering from the plummet in property values that took place a few years ago, there are still too many homeowners who are struggling with their monthly mortgage payment.

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.

Learning the basic facts about mortgages


There are a lot of factors in play when a South Florida resident is looking for that prime piece of property to call home, but perhaps no factor is more important than the process of applying for a mortgage. Securing a mortgage for a home is probably one of the biggest financial decisions a person will ever make, so it is important to know the basics of this transaction.

What do the latest mortgage foreclosure numbers tell us?


The health of any given real estate market is a localized concern, but one theme that was persistent throughout the country over the last several years, was the increase in the number of foreclosures. When the Florida and national economy took a nosedive, there was no place to hide, and the housing market suffered the brunt of the negative consequences. Millions of Americans lost their homes, and their lives were changed forever.

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