What do you do if you are behind on mortgage payments?

Bad news first:  It is so difficult to catch up on late mortgage payments.

The good news:  If you have the income, your mortgage company may work with you to help you catch up on the payments.

More bad news:  It's not that easy to get your lender to help....even if they have the ability to help.

Good News:  There is no "did not pay mortgage jail".  All they can do is hound you via non-stop phone calls, people knocking on your door, and eventually foreclosure.  The worst that could happen is being sued for the deficiency after the foreclosure....which in Florida, they can do and many bank will do. 

Over 6 million home owners are behind on payments.  That is a HUGE number!  Because of…

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Based on the recent RealtyTrac year end report, it appears short sales are up and bank owned real estate sales are down.  Statewide, short sales were up 3 percent in the fourth quarter of 2011 compared with the same time in 2010, while bank-owned sales were down 32 percent.  REO down 32%!

One big explanation for the heavy slow down in foreclosures is the robo-signing hangover from 2010.  The system is currently overloaded with homes in some stage of foreclosure but just stalled out in the process.  Estimates of homes late on payments, homes in a stage of foreclosure, and homes already owned by the banks but not released for sale run in the 4-6 million range. That's 4-6 million homes!  Think garden hose with a basketball stuck in it. 

Another…

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Short Answer is YES!

Top 8 Reasons to Buy Florida Real Estate in 2012:

  1. Be like Buffett:  Buy when others are fearful.  In a recent interview, Warren said he'd like to buy up a "Couple Hundred Thousand" single family homes!  Warren Buffett CNBC interview for buying up single family homes.
  2. Prices are Fragile:  Floridians are usually very proud of what they have.  We know real estate in Florida is always in demand, but right now the prices are a little more fragile.  Is the bottom here or not?
  3. Sellers are Anxious:  Sellers are anxious to sell and move on.  They are anxious to know their return from selling the home.  They may be willing to take lower offers to just cut the losses.
  4. Money is Cheap:  Rates are hovering around 4%!  This may be…

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