How effective have the government’s efforts to prevent foreclosures been? Depending on what you read and who you believe there are a larger number of people with a better and lower mortgage payment or people are simply choosing to throw in the towel and walk away from their Miami Beach condos.

For those who are choosing to walk away or opt for a short sale, the reason behind the decision has a lot to do with the way most mortgage modifications work. In most cases these modifications don't reduce the principal payment that was initially made when Miami Beach condos were purchased the market heyday. This means there is a significant possibility that the homeowner may still be “underwater” within the next decade.

On the other hand South Floridians appear to be the ones benefitting the most from loan modification programs, according to the Treasury Department’s report regarding the progress of the federal Making Homes Affordable program anyway. More than ten percent of those assisted were from the state of Florida, not entirely surprising. Are you among the people who own Miami Beach condos that have received a modification and if so, is it working out for you?