When the recent recession hit the United States, many homeowners faced the prospect of their homes being foreclosed upon by their mortgage lenders. After the real estate market fell apart in 2008, millions of homeowners faced foreclosure. The Florida real estate market was especially affected and still currently accounts for approximately a quarter of the home foreclosures in the nation. However, the governor has recently approved of a plan to help homeowners in avoiding home foreclosure.
When the much talked about Casey Anthony trial finally ended in 2011, Florida residents thought that they had heard the last from her. Even Florida court judges thought they had seen the last of her. But with two civil cases on the docket, judges are saying that these cases need to be heard before any progress can be made on the bankruptcy petition.
A bill in the Florida legislature dealing with the mortgage foreclosure process has been delayed for the time being. The bill was set to be discussed during the Senate Judiciary committee meeting earlier this month, but was withdrawn by the sponsor at the last minute.
A federal bankruptcy court judge recently denied the request of one of Casey Anthony's creditors to move the case from the Tampa court where she filed for bankruptcy to a court in Orlando.
In our last post we discussed the high volume of foreclosure cases in Florida courts right now, many of which take years to resolve because of a combination of difficult process and the many parties that can be involved. This week, lawmakers took up a bill that would speed up the process by reducing the amount of time that the parties have to take certain types of actions.
As many readers know, Florida was among the hardest hit states in the aftermath of the burst of the housing bubble, and many homeowners in the state are still struggling to get back on their feet in the wake of a mortgage they can no longer afford.
One out of every 32 homes in Florida faced a foreclosure action last year, according to data recently released. The Sunshine State endured significant economic hardship during the recession and the housing market has been slow to recover. Last year's foreclosure rate was the highest in the nation.
A home is a sacred place for many people. For the elderly, it may be one last piece of a deceased spouse that they can hold onto.
Followers of our Florida blog posts are well aware of the fact that our state has been one of the hardest hit by home foreclosures as well as bankruptcies. People have lost their jobs as well as their homes. Although bankruptcy gives people a financial fresh start, it would not be the first choice of financial options for most people.
For many of us in Florida, when we think of our debt we probably envision a few thousand dollars in loans and possibly a mortgage to be paid. Generally, our idea of debt doesn't float above a few hundred thousand dollars, unless we're talking about businesses and their debt.