A Look at The Coming Foreclosure “Crisis” In Florida
In spite of the moratorium placed on foreclosures by the state of Florida, Fannie Mae, and Freddie Mac through December 31, 2020, the recession brought about by the pandemic is going to bring about a significant spike in foreclosures. Specifically, according to housing experts, once that the mortgage forbearance period ends, between 200,000 and 500,000 defaults and foreclosures are expected, reflecting a 70 percent increase in foreclosures alone over the next two years. In addition, Florida has already been hard hit: According to the latest reports, the sunshine state had the country’s second highest foreclosure filing rate in August, with Jacksonville having the highest foreclosure rate of any metro area in the entire country, and Lakeland, Miami, and Ocala also among the top metro areas with high foreclosure rates as well. In addition, according to the Federal Housing Finance Agency, the recession will also cause Fannie Mae and Freddie Mac loan losses more than $4 billion, which will inevitably be passed onto consumers. How Will This Be Different Than the Last Foreclosure Crisis? During the last foreclosure crisis a decade ago, almost 10 million Americans lost their homes. Still, there are a number of differences between this recession and the last in that homeowners today have built up significantly more home equity, allowing them more options to ultimately escape foreclosure. While the mortgage delinquency rate tripled just between June and September, and this places some at risk of losing their homes to foreclosure proceedings, others will likely be able to sell instead due to the home equity they have built over the last few years. How Foreclosure Attorneys Can Help You Stay in Your Home There is no question that homeowners still need a lot more help in order to recover from the devastation that the pandemic has inflicted. There are a number of ways that foreclosure attorneys can help keep people in their homes, such as helping them to: Request forbearance: There are currently an estimated 3.7 million borrowers in forbearance right now. Doing so won’t result in late charges or affect credit scores; It simply pauses payments and extends the length of the loan Refinance (Also known as a “reverse mortgage”) Sell their home File a petition in bankruptcy Seek a loan modification that satisfies the lender and allows the homeowner to keep their home while making affordable payments You never want to offer your deed in lieu of foreclosure without working with an attorney because you always want to ensure that you receive something in return, such as ensuring that the creditor will no longer pursue collection. In addition, by turning over the deed, you could end up forfeiting valid defenses or claims against the creditor. Questions Concerns About Staying in Your Home & Avoiding Foreclosure in Florida, Contact Our Foreclosure Attorneys If you have concerns about foreclosure proceedings here in Florida, speak with one of our Tampa foreclosure attorneys at HD Law Partners right away to find out how we can help. Resource: cnbc.com/2020/09/11/coronavirus-mortgage-bailouts-decline-but-new-foreclosure-crisis-could-be-coming.html seattletimes.com/business/real-estate/why-the-coming-foreclosure-crisis-will-look-nothing-like-the-last-one-jeff-ostrowski/ washingtonexaminer.com/politics/florida-foreclosure-filings-trend-up-as-some-fear-a-fall-wave-awaits Developments in Business Interruption Insurance Litigation Claims Brought Throughout Florida & Country Posted in Foreclosure Defense | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us