South Florida homeowners have been devastated by the foreclosure crisis, with Miami and the Fort Myers/Cape Coral areas among the hardest-hit areas in the nation in terms of foreclosures, underwater mortgages and homeowner’s seeking loan modification or facing bankruptcy.
During the boom years, many of the nation’s high-dollar mortgage loans were made in South Florida. For homeowners facing the loss of million-dollar properties, hiring an aggressive Miami foreclosure defense attorney is vital step toward protecting your rights.
As the Wall Street Journal reported recently, banks are moving aggressively to recoup loses for mortgages on valuable property, from estates in Westchester County, New York to Nicolas Cage’s Bel-Air mansion. In February alone, banks scheduled 352 multi-million dollar homes for foreclosure action.
While the numbers remain small compared to foreclosures at other income levels, the recent spike suggests banks continue to move aggressively when high-dollar mortgages are on the line. And statistics show that big borrowers are more likely to default than ordinary homeowners. Studies suggest as many as 14.8 percent of such loans were more than 90 days late as of the end of January. In Miami-Dade, three large foreclosures in the last six months include a 4,655-square-foot home in Sunset Islands; a 8,443-square-foot house in Coral Gables; and a condo in Miami Beach. All three were valued at between $3.5 million and $4 million.
If you have are facing foreclosure in the Miami area or are considering a short sale, loan modification or bankruptcy, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.