As election season heats up, so do the rumors that politicians will fashion a South Florida homeowner’s Hail Mary that will involve billions of dollars in debt forgiveness for underwater property owners, according to MSNBC.
Having been bailed out themselves with the help of billions in tax dollars, banks will undoubtedly fight any move to help stop foreclosure in Miami by forgiving principal mortgage balances. Many homeowners will likely be left out and not everyone will be treated the same. Hiring an experienced foreclosure defense lawyer in Miami is the best way to fight for your rights.
Many expect a massive overhaul to be announced sooner rather than later. “I think it will happen in some fashion,” said Nova Southeastern University Professor Albert Williams. Without such a drastic step, the economy may continue to suffer as struggling homeowners who are saddled with bad debt are unable to contribute positively to an economic recovery.
How such a bailout would work remains murky, particularly in the Broward County and Miami-Dade areas, two of the nation’s hardest-hit counties. One of the challenges is helping underwater homeowners without penalizing those who have managed to stay current on their mortgage. Polls have found that 58 percent of respondents oppose a mortgage bailout and many expect the political rhetoric to be toxic. Many believe including something for everyone is the only path to success.
“Even if someone is upside down on a house and has never missed a payment, something needs to be done for them as well,” James Katz, of the Katz Reality Group, told the Herald.
If you are facing foreclosure in the Miami area or are considering home-loan modification, short-sale, strategic default or other options in South Florida, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.