South Florida Foreclosures To Be Addressed At An Event Held In Miami Beach By The Bank Of America
The main idea behind the event is to assist the thousands of homeowners who are at risk of losing their homes to be able to work out their mortgages with the help of 50 customer specialists along with 30 underwriters who are going to provide their best efforts in helping the homeowners who still have hope in keeping their homes.
140 rooms have already been reserved by the Bank of America for the purpose of the event which will run from April 12, 2012 until April 14, 2012.
Foreclosures have always been around but it has not been such an alarming issue until recent times. The effects of South Florida foreclosures on the overall condition of the real estate market and the local economy has become such a major concern that it has become important for banks and other lenders to take such issues into their own hands in order to help everyone out in the long term.
There are about 1 million mortgages under servicing from the Bank of America—22 percent of which are delinquent—which indicates that the serious efforts which are being made to address such potential South Florida foreclosures will most likely have a profound impact on these issues, especially if the outcome of the event turns out to be a positive one.
Among the many different options which are being made available to homeowners—depending on what they are capable of in terms of financial resources as well as what conditions are agreeable to the investors related to their loan—will include a 90-day forbearance, inclusion of missed payments to the end stages of the mortgage term, or a reduction on the interest rates for that particular mortgage.
At the end of the day, the mission is to be able to make it possible to have mortgage payments that will not exceed 31 percent of the monthly income of the homeowner.
If you happen to be one of the many homeowners who will benefit from having such assistance from your mortgage providers then you should definitely find out how you can avoid having your home end up being one of the many South Florida foreclosures on the property market.
Joan Vonnegut
Florida Foreclosures
