Florida Mortgage Refinancing Can Keep You Afloat if You Assess the Situation Early
Rising mortgage payments are putting many families in the Sunshine State at risk of losing their home or falling badly behind in payments.
However, careful Florida mortgage refinancing may be able to mitigate or eliminate that risk, and keep families fiscally afloat.
Three years after the Central Florida housing market turned red hot and prompted so many people to buy, thousands are in danger of losing their homes because they can’t make their monthly payments.
The number of mortgage foreclosures is soaring this year. Foreclosures had been increasing for months during the past year, but in January, lenders filed 1,787 foreclosure suits in Central Florida, more than twice the number compared with a year earlier, according to the Orlando Sentinel.
“These were foreclosures that didn’t necessarily have to happen” Robert Markin, President of Credit Mortgage Group in St. Petersburg, said.
“Many times the cost of rising [Florida mortgage] bills can put you in a position to lose your home, but with proper advice and smart refinancing of their home, many of these tragedies can be avoided.”
Why are so many mortgage payments rising to heights beyond the reach of the borrowers? Because there are so many adjustable-rate mortgages on the verge of pushing up monthly payments. Many homeowners simply took on more debt than they could manage. Some, to get the house of their dreams, signed home loans with adjustable mortgage rates that are moving upward.
Or they took on balloon mortgage payments they could not make. Many high-risk borrowers had no other choice but to accept higher Florida home loan rates. Rising insurance and tax bills have only added to the pressures.
The bottom line: Many homeowners can no longer afford their houses. They have missed a few months, and now the Florida home loan company is suing, asking a judge to order the property auctioned off to the highest bidder.
Homeowners who can afford to pay their new higher payments are suffering too. Attractive adjustable rate loan payments from a few years ago, are now about to jump up as much as $500 a month.
What is a borrower with a pending payment increase to do? Prepare before your payment goes up. If you know your rate is going to adjust any time soon, apply above and request a Florida mortgage refinance quote.
You can lower your bills now, before your rates go up, and you fall behind on your home payment or any of your other payments. There’s really no need to wait until your situation gets out of control.
Remember: These are tough times, but by exploring options for Florida home loan refinancing, you might be able to get through unscathed.
