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Posts tagged "Home Foreclosure"

Florida home foreclosure rates higher than national average

National foreclosure rates are now as low as they were back in 2006, but not everywhere is experiencing this relief. Some states -- including Florida -- are seeing a drastic increase in home foreclosure rates. Some experts believe that rising foreclosure rates in the state could be related to so-called underwater homes, which are valued at less than the homeowner's current mortgage balance. 

Send your kid to college, face home foreclosure?

Sending a child off to college is often seen as an important step in life, and most Florida parents feel proud that they are helping their children further their educations. While a college education is often essential for a good job, it can also have a downside. Families with children in college may be more vulnerable to home foreclosure during difficult economic times. 

Wells Fargo did not stop home foreclosure for qualified borrowers

Losing a house to foreclosure is a traumatizing event for homeowners. Some people in Florida are able to modify their loans or utilize certain federally-backed programs to stop home foreclosure. However, it recently came to light that a Wells Fargo mistake caused hundreds of people who qualified for help to be denied, which ultimately cost them their homes. 

Many homeowners behind on house payments because of Irma

Natural disasters are unavoidable and often leave a wake of physical destruction in their paths. However, once the news crews pack up and leave, many people forget about the financial struggles of hurricane victims in Florida. For many, these types of disasters lead to them falling behind on house payments.

Can a short sale stop home foreclosure?

Given the choice between a foreclosure and a short sale, which would you choose? Most people in Florida zero in one the word "sale" and make a quick decision. Although it certainly seems like a smarter option to quickly sell before home foreclosure hits, it can actually do a great deal of harm.

Behind on house payments? You have options

Buying a house is a monumental achievement. Putting down roots, raising a family and building a thousand tiny memories all help transform that house into what most people in Florida truly crave -- a home. When faced with the possibility of losing that home, most people are unaware that they have options even if they are behind on house payments. 

Household debt can make you behind on house payments

Mortgages typically comprise the largest chunk of the average Florida household's debt. However, they are not necessarily the largest financial obstacle when it comes to repaying debt. Still, as other forms of debt mount, the possibility of falling behind on house payments may be a reality. 

Does home foreclosure create a different type of tenant?

Many economists and social scientists have examined the financial crisis that led many Americans to lose their homes in 2008 or shortly thereafter. Some believe that this home foreclosure crisis drastically altered the rental housing market in certain hard-hit areas. As many Florida families continue to struggle with making ends meet a decade later, this concept is not surprising. 

VA helps veterans in hurricane areas avoid home foreclosure

Loans from the Department of Veterans Affairs have enabled many members of the military -- both active and retired, as well as their spouses -- to obtain mortgage loans for the purchase of  homes. Unfortunately, many veterans are facing home foreclosure since they are unable to make their mortgage payments. Officials from the VA have intervened on behalf of those veterans who were affected by the 2017 hurricanes that hit Florida and other areas in the country.

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.

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