Mortgage modification is an action frequently initiated by homeowners to lower the cost of monthly payments on their homes by taking advantage of reduced interest rates. According to one calculation, a reduction from three to five percent interest on a $150,000 mortgage can save homeowners $145 a month. Mortgage modifications are seen as a win for both the borrower and the economy by some economists. They claim that homeowner savings translate into increased spending, and this is what fuels job growth. Mortgage holders haven't missed out on the lesson of personal savings. Whether they have been steered into modification by the threat of foreclosure or simply need more cash to make improvements on the home, an increasing number of Florida residents appear to be taking advantage of the opportunity.
Even though bankruptcy filings are down around the country, the U.S. Bankruptcy Court for the Middle District of Florida is struggling with backlog cases. Furthermore, many expect the overall number of filings to actually increase as many Florida residents end up filing as a way to try and avoid foreclosure.
When it comes to being in default on mortgage payments, not only is there the fear of possibly losing the home to foreclosure, but the entire process to try and hold on to that home can be quite frustrating and complicated. In fact, the complications that have cropped up in the past are even more proof of just how dysfunctional the current mortgage market is in the U.S.
With the recession of 2008 there was a sharp decrease in fine wine sales. This economic slump combined with a weak grape harvest the following year has led to a limited supply of wine that is actually available for sale. In turn, this had led some wineries into the kind of financial hardships that a business bankruptcy aims to cure.
When it comes to gymnasts competing in this year's Olympics, 16-year-old Gabby Douglas has quickly become a fan favorite. The teen has already won two gold medals and is the first Africa-American woman to take home the title of winning an all-around gold in gymnastics. And while she could end up earning millions in endorsement deals, the fact that her mother filed for Chapter 13 bankruptcy several months ago highlights the fact that times can be tough for anyone --even for the parent of a gold medal winning Olympic athlete.
Recently a company filed for Chapter 11 bankruptcy in an attempt to stop the sale of a rental cottage in Anna Maria, Florida. The company, 3610 Gulf of Mexico LLC, is owned by a real estate agent.
In Florida, on average it takes 861 days from the time a person stops paying their mortgage to when the foreclosure process officially comes to an end with the bank taking complete control of the home. However, now with strict guidelines for banks in terms of repossession, the thought is that foreclosures will increase in Florida and across the country.
With the downturn in the economy, many who once frequented plays or donated to nonprofit playhouses now no longer have that discretionary income. In other cases, while some do have the income, due to distrust in the economy, many choose to save instead of spend on those things deemed unnecessary.
If all goes as planned, in the future, more struggling homeowners in Florida, and around the country, who are in fear of losing their home to foreclosure, may be able to find some needed relief through the federal Home Affordable Modification Program.
The owner of the Miami Dolphins recently agreed to the terms of a mortgage modification in order to avoid foreclosure on a building that he controls in Florida. The modification news came right before the holidays, which most likely resulted in a huge sigh of relief for Barnes & Noble and Macy's, which are both housed in the 756,471-square-foot CityPlace mixed-use center.