Foreclosures Continue To Have A Negative Impact On Miami-Dade County.
Miami-Dade County, located on the lower southeastern tip of the Florida peninsula, is home to over 2,400,000 people. With such a larger population it comes as no surprise that there are record numbers of foreclosures. In Miami, foreclosures are up nearly 31 percent from 2007.
Miami experienced the highest quarterly foreclosure rate per household in the country during the first quarter of this year. In Miami-Dade County, there were 987 residential auctions in the first quarter, which translates into 127 foreclosures per 1,000 households. Miami typically has foreclosure rates higher than the national average because it attracts investors that buy into properties before they’re developed with hopes of flipping them later at a profit.
The flood of foreclosures has forced county offices in Miami-Dade and Broward counties to expand their services to handle the load, with more than 1,000 foreclosed homes on the average hitting the auction block every week.
Mike Vigil, a Certified Mortgage Planning Specialist, founder and president of Guarantee Mortgage since 1997, has been helping distressed home sellers stop foreclosure in Miami-Dade County with solutions for a quick sale. While coming across these individuals, he found that many wanted to keep their home. This propelled Mike to work on helping distressed homeowners negotiate with their lenders to prevent them from foreclosure with over 15 years of experience, helping local homeowners stop foreclosure in Riverside County offered his assessment of the current situation.
He offered his viewpoint on the current foreclosure situation in Miami. He states that the foreclosure situation in the Miami-Dade County is severe, ranking in the top five of the country. There is also a surplus of condos that were built when the market was hot, so a lot of speculative investors are in trouble. Too many inexperienced investors, too much fraud when approving many homebuyers get loans (especially with no income verification loans), and a lot of adjustable rate mortgages (ARM's) that are adjusting presently. Miami was one of the hottest markets in the country and now those values have taken a steep plummet, so a lot of people are upside down with their mortgages.
Mostly the working class has taken the brunt of the foreclosure damage, but all classes are affected to some extent with a substantial amount of affluent homes having been hit, especially neighborhoods with a lot of new construction.
The state or local government is doing little, if anything, to help states Mr. Vigil. He says some companies and individual real estate investors are offering their services. If a homeowner wants to keep their property he says, given that they qualify, would be to offer a workout program which will be done through his company. If not, he could buy the property on terms, or do a short sale if there is no equity.
There is no good news in Miami-Dade County with the real estate landscape looking so barren, and there is little hope of things getting in the near future.
Victim or Victor - the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn what you can do to avoid or stop foreclosure. |