South Florida homeowners continue to struggle even after loan modification
More than half of borrowers who received loan modifications on delinquent mortgages default again within nine months, according to a new federal report published by Bloomberg News.
South Florida homeowners facing default or foreclosure should contact an experienced Miami foreclosure defense attorney to discuss their options. Government and private mortgage assistance programs, short sales, strategic default, foreclosure and bankruptcy are all options best discussed with a qualified South Florida real estate lawyer.
The re-default rate for modified loans in the first quarter of 2009 was 51.5 percent by the end of the year. Payments at least 30 days late climbed to 57.9 percent when measured during the previous 12 months.
One in four homeowners are struggling with underwater mortgages — meaning they owe more on their home than it’s worth. Florida has been among the hardest hit areas in the nation as property values have plummeted and unemployment continues to linger in the double digits.
The median price of a U.S. home was $165,100 in February, down 28 percent from the height of the market in July 2006, according to the National Association of Realtors. In Florida, values have fallen 45.7 percent, the third-worst in the nation behind Nevada and Arizona.
The number of homeowners more than 60 days late on their mortgage payments climbed 49.6 percent year-over-year — leading to an estimate of 4.5 million foreclosure filings this year, according to RealyTrac.
As of the end of February, the government home-loan modification program, had assisted 168,708 homeowners with permanent modifications.
If you have are facing foreclosure in the Miami area or are seeking home-loan modification in South Florida, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.