Miami Gardens To Receive $6 Mil Toward Foreclosures
Wednesday, October 1st, 2008Federal government officials announced Friday they are giving the city of Miami Gardens more than $6 million to help residents facing foreclosure.
“I’m falling behind… I’m falling into an abyss,” school teacher Maria Montalvo said of her situation, as her bank has already moved to foreclose on her North Miami home.
The property she paid $425,000 for three years ago is now worth $280,000.
Montalvo said that on a schoolteacher’s salary, she couldn’t keep up with the $2,500 monthly payments; she said she hopes Washington will save the day — but she’s not holding her breath.
“I sure would like some help,” Montalvo said. “I’ve been paying taxes for many, many years — I think it’s time for the government to help the average basic homeowner
Her realtor, Melanie Hyer, said regardless of what happens in Congress, she said there are measures Montalvo and the thousands across south Florida in trouble with their payments can do.
Hyer’s first tip for foreclosed owners was to buy time and take all steps to head off foreclosure, not giving up no matter how bleak it may look. She said owners should go to the courthouse speak with the judge and ask for an emergency motion to postpone the foreclosure sale; the judge will normally give a month or two extensions to the owner.
Hyer said foreclosed owners should immediately call their lenders, who are much more likely in an earlier stage to change the loan.
“They should say that they’re in trouble and they need help,” she said. Hyer said lenders want to make deals with homeowners to aid them in modifying their loans or help them sell their properties.
“If you’ve decide you must move, Hyer said, banks are more apt to take a loss and accept a short sale agreement at this time than before.”
“There will definitely be some hope for the average homeowner who has been in trouble up till now,” she said.
Because of lower prices, the latest numbers indicate that houses and condos across South Florida are selling much more than last year–a positive sign there are some buyers on the market.