Foreclosures may have finally dropped in South Florida but in markets like Miami Beach real estate they still remain a problem that many are looking to solve. From banks agreeing to modify existing loans to federal assistance programs, these efforts have had some degree of success, however limited.
Take for example one of the latest initiatives by Citigroup. Instead of having to endure a messy eviction and the expensive foreclosure process, Citigroup announced yesterday an effort to sort of “bargain” with delinquent homeowners. Those who may not wish to refinance or are not qualified to do so can keep their homes for a maximum of six months without having to pay a mortgage. The catch is that the home must be kept in good condition. Could such a deal gain sufficient traction in a market like Miami Beach real estate?
The program aims to solve one of the key problems lenders face when dealing with a foreclosure property: the costs involved in having to repair homes that have been in nearly unlivable condition. What do you think? Does this sound like another failed attempt to curb delinquencies or is it something that could start to make a dent in Miami Beach real estate foreclosures?