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Mortgage modification may save Florida mayor's home

When most people think of foreclosures and financial difficulties, they likely don't think of publicly elected officials having these types of problems. In the midst of the economic downturn, one Florida mayor found himself and his family facing some very real financial issues. Recent reports claim that the mayor of Coral Springs is losing his home to foreclosure. His wife came forward recently to speak about the issue.

The couple bought the home that is in the foreclosure process in 1998 for $220,000. She says that in 2008, her husband's construction business took a hit, and the couple began to have financial troubles. They filed for a mortgage modification. During the process of the mortgage modification, the payments the couple were making on the home were getting returned to them. She says the loan department and the modification department weren't communicating.

She says the family isn't on the brink of losing the 2,551 square foot home because the couple has money in escrow that she hopes will get them back on track when it gets to the underwriters in two to three weeks.

With the upswing in the economy, she says that the construction business is doing better. She is working part-time and looking for full-time work while she raises their daughter. She has been communicating with her attorney and the bank on a weekly basis as the process to save the home continues. She says that her family is just like any other Florida family that has faced financial difficulties as a result of the economic downturn.

Facing the prospect of losing your home isn't easy. For some homeowners who are in that unfortunate situation, a mortgage modification may provide a way to keep the home by reworking the payments so they are more affordable.

Source:  Coral Springs Talk, "Mayor's Wife Speaks Out Regarding Financial Issues" Sharon Aron Baron, Jan. 12, 2014

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