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Mar 29, 2008 1:59 pm US/Eastern
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So. Fla. Continues To Cope With A Credit Crisis
MIAMI (CBS4) ―
High gas prices, skyrocketing costs of groceries and insurance are all leading to consumer confidence dropping to near-record lows. In Miami-Dade County, people are really feeling the economic crisis.
"The dollar covers less and less. And yes, I do wonder about that. And I try to have more and more creative ways to try to manage to afford everything," Miami resident Liz Gabay said.
The economic slowdown and credit crisis are also leading to the failing home market in South Florida. Some national estimates predict as many as 2 million additional home foreclosures will strike the United States by the end of the summer.
This has prompted some local banks to set up "loan mitigation desks." These people will specialize in finding new, cheaper mortgages for financially strapped homeowners.
"The lenders are there to work with you..They're there to help you keep your house...We don't want you to be on the street," said Lola Chen of the Dade County Federal Credit Union.
In addition, lawmakers in Tallahassee are now debating multiple new proposals aimed at helping families keep their homes.
The Florida Foreclosure Relief Act gives families at least 110 days to find alternate financing once they enter foreclosure proceedings. It also cracks don on fraud by regulating so-called foreclosure consultants. The bill also requires all foreclosure planners to fully disclose specific details in writing about their help, including all extra costs. It prohibits extra penalty fees for refinancing as well.
There are also some new mortgage refinancing programs being offered by the U.S. Department of Housing and Urban Development. But it's important to check any program out before your credit is severely damaged by months of late payments.
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