Decades after Financial Crisis, Foreclosures Still Haunting Homeowners in Florida & Elsewhere
Decades after Financial Crisis, Foreclosures Still Haunting Homeowners in Florida & Elsewhere Oct 22, 2018 Law, Counsel, Agreement, Contract, Lawyer, Advising on litigation matters and signing contracts as a lawyer to receive home and land mortgage complaints from customers. concept lawyer; Shutterstock ID 813-253-5333; purchase_order: 26640; client: DealerOn While many think of the housing crisis as a thing of the past, in fact, a decade later, it still haunts a number of homeowners, especially in Florida, where many have to deal with foreclosure defense on a daily basis. Just between 2007 and 2016, there were close to eight million foreclosures in the U.S. For those affected, losing their home isn’t just a matter of losing their most valuable asset, but of losing the source of countless memories of holidays, birthdays, graduations, and other important moments in their lives. It also means that their credit is destroyed, and any future mortgage that they pay will include a very high interest rate. The Disparities Are Often Racial and Income-Based In Nature Although the homeownership rate has rebounded in recent years, it remains well below the high it reached immediately prior to the foreclosure crisis. As of the summer of 2018, only approximately 64 percent of all households own their home. Unfortunately, homeownership statistics are also much lower for black, Hispanic, and low-income Americans, less than half of which are homeowners. Prior to the foreclosure crisis, these groups were targeted for bad, risky loans, which helped to create the wealth gaps and disparities we see today. And instead of these areas recovering, they continue to see higher rates of foreclosures to date. This also has an overall negative effect on wealth gaps in general, as home equity has always been linked to an ability to save, build towards retirement, take out fewer student loans, start a business, etc. Loan Modifications & Fatal Mistakes For many, the ability to stay in their homes hinges on the financial institution that owns or purchased their mortgage approving a loan modification. Without approving that loan modification, these homeowners are often effectively left homeless. For example, a number of people were erroneously foreclosed on due to computer glitches: just between 2010 and 2015, one Wells Fargo glitch alone may have caused more than 400 people to lose their homes. Reportedly, a malfunctioning tool miscalculated whether homeowners would qualify for federally-backed loan modification programs to modify mortgage payments and keep their homes. Contact Our Florida Foreclosure Defense Attorneys Given the plethora of mistakes like these made, any homeowners potentially facing foreclosure should, first and foremost, consult with a foreclosure defense attorney in order to understand their options and potentially fight the process and preserve both their home and their credit. Do not let one mistake or oversight by a financial institution cost you your home and negatively affect your credit for the rest of your life. If you live in Florida and are potentially dealing with foreclosure, contact one of our experienced Florida foreclosure defense attorneys at HD Law Partners right away to discuss your options—we serve clients in Tampa, Sarasota, Bradenton, Orlando, and surrounding areas. Resources: marketwatch.com/story/a-decade-after-the-housing-crisis-foreclosures-still-haunt-homeowners-2018-09-27 marketwatch.com/story/wells-fargo-may-have-accidentally-foreclosed-on-400-homeswhat-you-should-do-in-a-similar-situation-2018-08-07 Tags: Foreclosure Defense Tampa, Forecluse Defense In Tampa, Tampa Foreclosure Defense Posted in Foreclosure Defense, Loan Modifications | 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