Many people who own Miami Beach homes are getting room to breathe by successfully having their mortgage loans modified to something more manageable.  Mortgage modification events and marathons generate lots of attention and hundreds of homeowners but despite their good intentions,  having your loan modified does not come without some risks.

We all know that actually securing a new home loan is easier said than done, less than fifteen percent of South Floridians have been able to do so in fact.  However a new problem with these newly secured loans has made some homeowners wish they'd stuck with the original loans for their Miami Beach homes.  Balloon payments, which are one-time lump sum payments that cover any principal that may have been deferred are being included and so are terms suggesting that interest rates can still rise again.

Although they're intended to allow homeowners to actually keep their Miami Beach homes and avoid foreclosure, it's important to realize that a mortgage modification is not intended to be a permanent break but a temporary one.  If you plan on keeping the home, try and make plans for when those low payments come to an end and see whether or not the home is financially viable.