Late on Mortgage Payment? Check South Florida delinquencies. You will find that typically 4th Qtr reports will show a rise in mortgage delinquencies as Sellers often use the monies they had set aside for the mortgage to pay for other things at the end of a year during the 4th Qtr. Perhaps they decide to save money to spend for the holidays at the end of the year thinking when the new year hits, they’ll get back on track. More times than not, they’re unable to get back on track and the domino affect of not being able to pay the mortgage makes them continue to be late on Mortgage payment.
Florida remains to be one of the states with the highest rate of delinquency where its rate was down from a year ago 2010 but only to 14.27% from 2010′s rate of 14.50. Many Sellers trying to avoid foreclosure yet are late on mortgage payment has kept this rate high.
This is not welcoming news as the South Florida economy continues to struggle affecting many homeowners.
When homeowners are faced with such turbulent times it’s often easier just to ignore their situation when they just don’t know what to do. Don’t do this, if this is you being late on your mortgage payments. First off, talk to your Lender to see what type of program that you may qualify for to get back on track with your mortgage payments. If you’ve lost your income or your household has suffered a reduction in income it may be difficult for you to qualify for any program if your income differs greatly from when you were able to make your mortgage payments.
If this reduced income scenario is your current life situation, you could consider the option of selling your home as a Short Sale in South Florida. Short Sales have saved many Sellers from foreclosure when they’ve been hit hard by our flailing economy.
Remember you are under no obligation to commit to selling your home as a Short Sale yet you owe it to yourself to find out whether or not a Short Sale could work for you. I will consult with you on the benefits of a Short Sale in order to avoid foreclosure. Call now and don’t delay. I can help.