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Home Foreclosure Archives

New federal relief program may stem home foreclosure rate

When natural disasters such as floods, tornadoes and hurricanes occur, it is devastating for families to lose their homes and belongings. In 2017, many Florida residents and others around the country were displaced and unable to work. This resulted in the inability for some individuals to remain current with their mortgage payments. However, thanks to the Federal Housing Administration, homeowners were extended mortgage relief and were able to avoid home foreclosure.

How the home foreclosure crisis affected Florida

The mortgage crisis affected many Florida families, with the market plummeting 10 years ago. Many residents lost their jobs and were unable to pay for their mortgages as their incomes were drastically cut. As a result, home foreclosure levels increased significantly. A recent article reflected on the impact these foreclosures had on the state.

How to avoid home foreclosure

Despite positive indicators in the economy, there are many homeowners in Florida and around the nation still struggling to pay their mortgages every month. Some fall behind in payments due to loss of job, medical emergencies or other unforeseen difficulties. Regardless of the reason, facing home foreclosure and the potential loss of a home is a frightening prospect. However, since the foreclosure process does not happen immediately, there are some actions to take that could provide protection.

Home foreclosure rates decreasing in Florida and nationwide

There have many positive financial improvements in the country following the mortgage crisis. Among them, home foreclosure numbers decreased significantly nationwide over the past year. Florida saw a 45 percent drop in foreclosures filed from 2016 to 2017. However, the state still ranks among the top states in the country for foreclosure rates.

Company must pay $45 million for home foreclosure actions

The mortgage crisis that started roughly a decade ago created hardships for many Florida homeowners and others around the nation. Unfortunately, some companies that seemingly appeared to help consumers in their difficult situations created more problems for those involved. A national financial services corporation was recently ordered to pay $45 million as a settlement for their mortgage servicing and home foreclosure activities.

Understanding the phases of home foreclosure

Falling behind on a mortgage is a serious concern for many Florida homeowners and others around the  nation. When financial difficulties arise, many residents are justifiably worried about losing their houses through home foreclosure. A real estate adviser recently reviewed the various stages of the foreclosure process and what actions homeowners can take.

Recent hurricanes cause of home foreclosure increases

Over the past several weeks, two major hurricanes caused catastrophic damage to areas in the country. Hurricane Harvey affected many areas in other states, while Hurricane Irma wreaked havoc to several Florida communities. Given these disasters, the level of non-current mortgages and home foreclosure numbers rose significantly for the month of September.

Man sentenced to 8 years in prison for home foreclosure scam

Homeowners in Florida and in other states around the nation sometimes find themselves in financial difficulty. One of the largest expenses for most families is a mortgage payment. However, it is critical that this payment be made in order to stay in a home and avoid home foreclosure. Recently, a man was sentenced to prison after he made false promises to homeowners in a loan modification scam.

Short sales help those who are behind on house payments

Florida residents who frequent any of the many beaches may know what it is like when the tide is high and the waves are rough. Swimmers -- or even waders -- may feel as if they have complete control, and then a wave bowls over them. That feeling of being unable to breathe and at the mercy of the current is where financial experts get the term "underwater." Homeowners may feel this way if they owe more on their house than it is worth, particularly if they are behind on house payments.

Home foreclosure filings for August highest in 10 years

There have been several favorable indicators in the mortgage industry over the past several months following the crisis almost a decade ago. However, one metric moved in a negative direction, and industry leaders are watching carefully. The month-to-month increase of home foreclosure filings for Florida and elsewhere around the country more than doubled from the 10-year seasonal average.

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Paul Urich
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