A foreclosure can have major impacts on a homeowner. In the wake of the economic struggles the country has been going through, foreclosures are something that many homeowners in Florida and the rest of the country have faced.
Recently, some foreclosure news has arisen regarding a public official in Florida. The public official in question is the mayor of North Miami. According to an article on the Miami Herald’s website, a foreclosure action has recently been brought against the mayor.
The foreclosure action regards the mayor’s home. The house reportedly is located in Miami-Dade County. The mayor reportedly bought the home in 2003 and took out additional money on the home in 2007 for home improvements. According to the Miami Herald article mentioned above, as of 2011, the mortgage the mayor has on his home was underwater by nearly $200,000.
The above-mentioned foreclosure action reportedly was filed late last month by the bank which holds the mortgage on the mayor’s home.
The mayor reportedly has said that he has been in the process of negotiating with the bank for a modification on his mortgage and that he didn’t know that the bank was seeking a foreclosure on his home.
One wonders what will ultimately happen in this foreclosure case.
As this case underscores, foreclosure is something that people from many different walks of life can face. As we mentioned above, foreclosure can be very impactful on a homeowner. Thus, if a person is facing foreclosure, he or she may wish to consider seeking advice from an attorney to ascertain what his or her options are.
Source: Miami Herald, “North Miami mayor faces foreclosure,” Paradise Afshar, Mar. 2, 2012