A notice of foreclosure can strike fear in the heart of any home owner. For many in Florida, the crush of home foreclosure actions that came as a result of the recession meant many homeowners found it impossible keep a roof over their heads. However, for some Florida homeowners, that crush has meant the statute of limitations has run out, and some may be able to stay in homes for which they quit paying the mortgage.
Not being able to pay a mortgage or make the payments on a second mortgage can lead to fear and anxiety for any homeowner. Florida homeowners may be interested to learn how filing for bankruptcy can help in avoiding home foreclosure altogether. The type of help available and the right options for keeping a home vary according to each family's unique situation.
Many homeowners found themselves on the verge of home foreclosure after the recession hit. Fortunately, the number of potential foreclosures has been reduced in Florida, thanks in part to federal programs aimed at helping struggling homeowners obtain loan modifications. These home loan modification programs were set to expire this year, but they have now been extended to the end of 2016.
The threat of home foreclosure and the actual loss of a home can impact the financial future of a family. When the financial crisis began, many Florida families found home foreclosure to be the only option. New estimates have recently revealed data that shows that those who went through the home foreclosure process during the recession may be less likely to become homeowners again anytime soon.
When a spouse dies, the attending financial responsibilities and lack of knowledge about basic rights and protections can lead to confusion. Even worse, it can lead to financial disaster and possibly home foreclosure. For one widow, not understanding or being aware of protections her husband had put in place almost lost her home to foreclosure. Any Florida widows or widowers who are unsure of what protections may be in place for them or who may be unfamiliar with how home foreclosure works may want to follow the story.
The onset of the housing crisis in the United States produced a record number of home foreclosures just years after homeownership numbers hit an all-time high. Florida was hit particularly hard when the housing crisis struck, and many homeowners were faced with home foreclosures and bankruptcy. Despite the bleak outlook over the last few years, home foreclosure numbers are looking better as more people seem to be getting back on stable financial footing.
There may be nothing more frightening for a family than being unsure if it can catch up on a mortgage or if permanent action to save the home is needed. One option that more and more people have turned to recently is a loan modification. While a loan modification may be a tempting and helpful resource for some Florida homeowners, others may want to pursue other options or at least fully understand what other options may be available given their financial situation.
The home foreclosure process is very detailed and can be a lengthy legal process. After the backlog within the court system in Florida and elsewhere created by the recession, the home foreclosure process went past the statute of limitations for some. The banks' failure to initiate a home foreclosure proceeding or finish the process in the allotted amount of time has led to a unique legal conundrum as some homeowners are still in homes they have not paid toward in years.
As the recession hit, many homeowners had no choice but to seek help from their lenders. One source of help for many in Florida was a loan modification. A loan modification under the Home Affordable Initiative in 2009 helped many people obtain new payment amounts that were much more affordable. However, those were not permanent changes, and many fear what may occur as new rates go into effect and payments again rise to amounts that may be unmanageable.
The thought of going through the home foreclosure process can be stressful and even frightening for some homeowners. It may behoove some Florida homeowners to investigate how filing for bankruptcy may act as a means to stop a home foreclosure action against them. Different types of bankruptcy can impact a pending home foreclosure situation.