The Elliot Legal Group, P.A. Offices | Fort Lauderdale and Miami

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Surfside real estate attorney refinancing

If you have recently had a change in your financial circumstances--perhaps you lost your job, received a pay cut, or have taken on additional costs--the mortgage that has been affordable over the past decade may no longer be feasible. You may be concerned that because your mortgage exceeds your income, you will soon be on the path to losing your home. Without taking any additional action, foreclosure could soon be on the horizon. However, there are a number of actions that you can take before getting to this point, including refinancing your home.

What Is Refinancing?

Refinancing your home means replacing your current home loan with a new one. There are a number of benefits that refinancing has to offer, such as reducing your interest rate, cutting monthly payments, or tapping into your home’s equity when needed. Refinancing can also allow you to pay off your loan quicker or switch from an adjustable-rate to a fixed-rate loan. Refinancing your home may seem like the perfect solution to your financial difficulties; however, there are certain requirements that must be met in order to qualify.

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Surfside real estate attorney

Despite COVID-19’s impact on the U.S. economy, the housing market has not come to a stop. Since a high number of Floridians have lost their jobs or taken a pay cut in the last six months, many of these individuals are looking to downsize and reduce their mortgage payments. Additionally, some Floridians have begun to recognize the risks that large cities can pose on its inhabitants, choosing to move outside of these urban areas and avoid forced close quarters. And for those who refuse to let COVID-19 put their life on pause, there is no time like the present to start fresh. Regardless of the reasoning behind moving or deciding to purchase your first home, making such a large purchase can be exciting and intimidating. The home buying process involves much more than simply finding the right type of floors or cabinets. From finding a property to completing the closing process, working with a real estate attorney is your best way to be prepared every step of the way.

Find the Right Professionals

It is never advisable to take on the house hunt and legal home buying process without the help of reputable professionals. Your first step is to find a real estate agent who understands what you are looking for and is familiar with the area in which you are looking to move. A well-experienced real estate agent will be able to help you find a property that fits your financial and personal needs in a reasonable amount of time. A mistake that many first-time homebuyers make is attempting to find a property on their own, spending months or up to one year looking for places to live. Although it is helpful to see a number of properties before deciding on one, the process can sometimes make homebuyers feel overwhelmed. Once you have found a property that you are interested in, hire a reputable real estate attorney to help you with the remainder of the legal process.

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Broward County real estate attorney foreclosure

As COVID-19 continues to spread across the country, states have begun to make their own decisions regarding reopening after months of mandatory stay-at-home orders. Florida began its reopening process earlier than most and has seen a spike in its recorded cases. The state had its record high of cases on June 16, with 2,783 COVID-19 cases confirmed in a single day. With that state’s popularity as a vacation hotspot, some say that the reopening is happening sooner than it should. Florida may have begun to reopen its public spaces, but regulations remain in place to assist those struggling to pay their rent or mortgage to avoid a high number of evictions or foreclosures in the midst of a pandemic.

Financial Assistance

Governor Ron DeSantis signed the first housing executive order in early April, with an initial timeline of 45 days. According to the order, no mortgage foreclosure actions can be made for the time being. This also extends to renters who are late on rent payments. Landlords are unable to evict you from your apartment or house due to late payments during this time. However, the order strictly states that this cannot be construed as relieving homeowners or tenants from paying their mortgage or rent. Since the pandemic has lasted much longer than the 45 days allotted by Governor DeSantis, he has extended the order to last until July 1, 2020. Although the order may not completely relieve Floridians of their housing costs, it does allow them more time to earn and produce their mortgage costs or seek out additional help through loans or other means.

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