Miami Beach homes that are “underwater”--meaning owing more than what the property is worth—are nothing new in the current market.  The problem comes in when homeowners decide to throw in the towel and simply stop making their monthly mortgage payments altogether, a problem that leads to an eventual foreclosure among many other side effects.

The decision to walk away from Miami Beach homes that are underwater is understandable but what happens afterwards may not be worth the burden of not having to pay a mortgage.  For one, a homeowner’s credit score will nosedive significantly which makes it that much harder to get a car, credit card or even sign up for a basic cell phone plan.  Secondly, with the increased number of homeowners choosing to walk out banks are increasingly exercising their legal right to file lawsuits against homeowners and get the money owed to them.

If you find yourself struggling with mortgage payments or are entertaining the idea of walking away from your Miami Beach homes, keep in mind that there are many resources available designed to potentially lower your monthly payment via a modified loan agreement, including the government’s Making Home Affordable program.  Walking away may seem like a good solution but the long term effects are far worse.

Would you leave your Miami Beach homes if you were struggling with the mortgage and someone paid you to part with it?  That’s what the Obama administration is considering doing.  Not only would homeowners be allowed a short sale, they’d receive a monetary consolation prize of sorts to send them on their way.

Despite the government’s best efforts, its multibillion dollar mortgage modification program clearly has not reached its full projected potential, only assisting a small number of people in keeping their properties like Miami Beach homes.  Could this new strategy launching on the fifth of next month be the catalyst that will see the program work effectively?

The program is designed so that owners of properties such as Miami Beach homes will be left with about $1,500 in funds to use towards “relocation assistance”.  Whether or not that amount seems worth parting with a property will be up to the homeowner but it could potentially boost short sales and prevent yet another wave of foreclosures.

If you're among the numerous people living in Miami Beach homes who are looking to work out a mortgage refinancing of some sort, you may have also been one of the many who visited the recent mortgage modification marathon that took place over in Palm Beach County.  If you were unable to attend, all hope is not lost.

It's been around for some time now but the Obama administration has decided to extend its Making Home Affordable refinancing program for another year.  It's been around for some time now but many homeowners are completely unaware of its existence.  In fact, less than 195,000 people owning property like Miami Beach homes have taken advantage of the program.

Because Florida has a higher number of properties that have underwater mortgages, the program is considered an ideal solution for such a market.  If you're looking for some kind of financial assistance, you must owe up to 25 percent more on the loan for your Miami Beach homes than its market value in order to qualify.

Now that the Making Home Affordable program has been extended into June of 2011, perhaps it's time to stop struggling and find a solution that won't have you worried about being able to make next month's mortgage payment.

South Beach is generally characterized as the haven for the rich and famous, a distinction that certainly isn’t unjustified but does fail to represent the area properly.  Besides the vast array of South Beach homes available in numerous price ranges, the 25 blocks of South Beach offer much more than many people give it credit for.

Generally speaking, South Beach is only a relatively small area of Miami Beach yet the several miles of beachfront that act as the backyards for many Miami Beach homes and run parallel to much frequented boardwalks make it feel like a genuine city.  It’s very easy to suddenly find yourself in popular Lincoln Road where many shops and the Art Deco style are very prevalent.

Some of this design style can be found in places as seemingly mundane as a parking lot, the 1111 building on Lincoln Road to be exact.  Designed by Herzog & de Meuron, the building also doubles as a residential edifice but clearly demonstrates that South Beach has its own unique style in every minute aspect.  South Beach homes are just an added perk to an already wonderful experience.

Last year, sales for property such as Miami Beach homes ended on somewhat of a high note, is that still the case in 2010?  If January’s numbers are anything to go by, the year didn’t get off to a very healthy start as January home sales declined from December of 2009.  The news is disappointing but not necessarily unanticipated as home sales are typically sluggish during the first two months of the year.

So how big were the declines?  Home sales dropped by thirty percent, pushing the median sales price for Miami Beach homes and neighboring cities down to $183,400 which is itself a ten percent drop.  Condominiums also experienced a drop of thirty percent during the December to January period and a median price drop to $141,700, even lower than traditional homes.  These numbers represent figures in Miami-Dade County.

Despite these drops, these numbers are actually a significant improvement compared to January of 2009.  It does however reinforce the fact that a market recovery will likely continue to be a long road with many bumps.  On the other hand, if you’re considering purchasing Miami Beach homes, they can now be found even lower price tags than last year.

If you’ve been doing any research about Miami Beach homes and considering a purchase, you’re likely very well aware of the many short sale properties that are out there or the number of homeowners who are willing to accept a short sale.

One of the drawbacks when it comes to short sales is the indefinite length of time that a lender may take to respond to short sale offers.  This means that if you were to make an offer on Miami Beach homes you could find yourself waiting days or even months in some cases.  That’s all going to change in April when lenders will be forced to respond within a ten day period, but what do you do if you can’t wait that long?

In the meantime you’re better off doing some research.  If it’s possible, try and see if the Miami Beach homes you’re looking to buy have more than one lien against them as this could significantly affect the amount of time that a lender will take to respond to your offer.  If you can wait until the new rules go into effect in April however, you’ll likely find it much easier.