Recently, several planned luxury developments have been foreclosed on, which will put several high-dollar properties up for auction in the near future. The foreclosures include luxury beachfront home sites, several homes, a partially-completed condominium complex, office buildings and business centers. While some owners of the properties were able to negotiate their way out of foreclosure, most lost the battle. Foreclosure, repossession and bankruptcy are becoming problems for people of all income levels.
With such unrest, some homeowners are anxious when they miss a mortgage payment or have to contemplate bankruptcy. It doesn’t take long for the mortgage company to start calling about missed payments and late fees. In years past, homeowners were often left without any recourse in a foreclosure situation. Today, several options are available to help stop foreclosure. Options can include mortgage restructuring, filing Chapter 7 bankruptcy, filing Chapter 13 bankruptcy and structuring a payment plan or negotiating with the bank for modified payments.
Sometimes, financial challenges or extended unemployment create a difficult situation that requires professional assistance. Soon, an individual or business will face foreclosure. It’s helpful to understand all of the choices available to mortgage borrowers before the negotiating begins.
Financial difficulties hit people of all income levels and social strata, and several programs and solutions exist in Florida to help stop foreclosure proceedings. From restructuring mortgage payments to declaring bankruptcy, homeowners and business owners may be able to avoid foreclosure. The owners of The Camaguey Plaza apartment building in Little Havana were able to file Chapter 11 bankruptcy and keep their building, and average homeowners could have the same opportunity.
Source: South Florida Business Journal, “Oceanfront mansion sites hit with foreclosure“, Brian Bandell, November 15, 2013