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Posts tagged "Home Foreclosure"

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.

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.

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