Coral Gables luxury homes are some of the finest pieces of real estate on Florida’s Southwest coast. Potential homebuyers can easily be enticed into securing one of these stunningly beautiful Coral Gables luxury homes only to find out carrying such a substantial home mortgage is more than they expected.
Financial difficulties and other circumstances beyond your control may occur causing you to fall behind on your mortgage payments. If you are experiencing this type of situation or soon will not be able to make your mortgage payments on your Coral Gables luxury homes, there are options worth pursuing with your lender.
There are several options you can explore to assist you during difficult times.
Forbearance: A forbearance is a temporary suspension of payments sometimes offered if a borrower has lost a job, but has a new one starting soon. Or because medical bills or another similar crisis situation has caused a temporary cash shortage.
Repayment Plan: Repayment plans offer a scheduled blueprint for making up missed payments over time.
Home Affordable Modification Program (HAMP): Designed to lower monthly mortgage payment to 31 percent of a verified monthly gross (pre-tax) income, HAMP can make montly mortgage payments much more affordable for home owners.
Principal Reduction Alternative (PRA): If the worth of your Cape Coral luxury home is now considered significantly less than what you owe, PRA may be the right solution. It encourages servicers and investors to lower the amount you owe on your home.
Second Lien Modification Program (2MP): Under 2MP, home owners may be able to modify or reduce principal on a second mortgage if their first mortgage was changed under the Home Affordable Modification Program Second Mortgage (HAMP SM).
Home Affordable Refinance Program (HARP): If you haven’t qualified for a traditional refinance because your home value have declined, you might be able to under HARP. To qualify, you must still be current on your mortgage.
While there is no guarantee these options will be available for you on your particular loan for Coral Gables luxury homes, they are definitely worth exploring.
You also might consider talking to a real estate professional with Berkshire Hathaway HomeServices Florida Realty. Our realtors in the Cape Coral real estate market are well-versed in all aspects of the Coral Gables luxury homes industry and may be able to offer substantive advice.
Meanwhile, Coral Gables luxury homes with owners that are experiencing financial difficulties should be aware of a cottage industry of rescue scam artists. According to the Federal Trade Commission, Coral Gables luxury homes owners should steer clear of anyone who:
• Guarantees to stop the foreclosure process
• Collects upfront fees
• Asks to be paid by wire or cashier’s check
• Advises you not to contact your lender or attorney
• Wants you to make mortgage payments directly to him or her
• Suggest you sing over or “share” your property deed or title
• Proposes a lease and buyback arrangement
• Offers to fill out paperwork for you
• Pressures you to sign documents you do not fully understand
Visit the U.S. Department of Housing and Urban Development to find more information on how you can avoid foreclosure as well as avoid scams.
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