Miami Foreclosures the Bad and the Ugly!

The foreclosures in Miami as well as in many other parts of the United States are so high that recently companies that are dealing directly with lenders have started asking area Realtors to assist their Home Retention departments, as Home Retention Consultants. Realtors are asked to try to make contact with homeowners who have not been paying their loans and find out what their intentions are. They may be asked to fill out the homeowners financials so that the lender knows if the homeowner is able to pay back the loan, if modified, or if the property needs to be sold as a short sale. In Miami many homeowners are in default, the lenders need to make contact with them and find out what is going on. There are occasions that the homeowner has sent in a modification package and it's not showing under their loan number. Many homeowners are frustrated with the process and the lenders.

In Miami many of these properties are tenant occupied and many tenants are paying their rents and the homeowners are not paying their mortgage. Many question what the homeowners are doing with their payments. I have heard several different cases from friends and acquaintances that they have been served with the foreclosure forms and have been told that they need to vacate the property within an amount of time. These frustrated tenants are in a frenzy, looking for another place to live without enough time to look. The first thing I get asked by Realtors regarding my rental listings is if the owner is in default, because the person they are working with just had a very bad experience. This is outrageous, I pay my rent but get kicked out and you are doing who knows what with the money. I think that these homeowners should be in someway penalized by these actions. I know the state of Florida is not only looking into the mortgage fraud but also many new scams out there. Homeowners should be aware of the risks that they are taking, just because someone else is doing it they should not take the attitude of "I will do it also".