When it comes to financial hardship and families facing the possibility of losing their homes, anyone can be vulnerable. The possibility of a home foreclosure can rock the lives of any family in Florida, regardless of social standing. In fact, it was recently revealed that the mayor of Coral Springs has had issues with finances, leading to a fight to keep his home. His wife spoke out publicly about their all-too familiar struggle.
The mayor’s wife was asked about the issue after a news reporter from a local media outlet got wind of the situation. She explained that there was a certain level of embarrassment about the situation, much like what is likely felt by others in the same predicament. She said 2008 was a tough year for the construction industry, and they got into a financial hole that they are working to get out of.
She explained that they applied for a loan modification. This would have helped them secure payments they could manage. The wife also said the mortgage payments they were making were being sent back to them. The explanation was that the modification department and the loan department were not communicating. The couple bought the 2,551 square foot home in 1998.
The struggle to avoid home foreclosure can lead couples of all social standings and income levels to seek out solutions that can help them stay in their homes. Loan modification and a bankruptcy debt reorganization are two options for Florida residents who have been hit hard by the recession and are in the same position as the mayor of Coral Springs. The more knowledge homeowners have about their options, the greater the chance they will find a favorable resolution.
Source: coralspringstalk.com, Mayor’s Wife Speaks Out Regarding Financial Issues, Sharon Aron Baron, Jan. 12, 2014