Foreclosure Crisis Looms as Moratorium Set to Expire: What Your Options Are
As the eviction and foreclosure suspensions put in place in Florida and elsewhere expire, a foreclosure housing crisis is potentially on the horizon for millions of Americans who are currently unable to make payments due to COVID-19’s effects on employment. In Florida, the governor’s order places a halt on foreclosures and evictions through August 1, 2020, and the federal CARES Act only prohibits lenders and servicers from initiating foreclosure proceedings until August 31, 2020, leaving a number of residents to potentially face a host of legal actions after that. According to available statistics, more than four million residential mortgage loans were in forbearance as of the end of June, and many of them have been still been receiving foreclosure notices from banks during the pandemic in spite of the moratorium, as it only bars judges and law enforcement from finalizing the proceedings until after August 1. While previous reports found that Florida (alongside New Jersey) had 24 out of 50 of the top most at-risk counties in the country, according to recently-released data, Flagler and Hernando Counties will be hit hardest during the second quarter. Avoid One of the Biggest Mistakes Homeowners Facing Foreclosure Make During these times, there is no question that having an aggressive foreclosure defense makes all the difference in the world in terms of being able to stay in your home. As a result, it is always a good idea to discuss what your rights are, what the bank can and cannot do, and what to expect with a foreclosure attorney because everything depends upon your individual circumstances. One of the biggest mistakes that homeowners can make is choosing to declare bankruptcy instead of defending against foreclosure. At the moment, homeowners have better options than declaring bankruptcy, which only places a temporary hold on any foreclosure proceedings. For example, homeowners should first attempt to get a hold of their lenders and try to negotiate a COVID-19-related deferral. While homeowners with FHA-insured mortgages in good standing will be eligible for up to one-year of delayed forbearance when it comes to payments, those who were already facing foreclosures before the CARES Act was implemented will likely face more challenges. However, a number of lenders are offering similar protections to those with private loans. How Good Florida Foreclosure Defense Attorneys Can Help While a bank can foreclose on a homeowner without a viable defense in a few months, a good defense can keep a homeowner in place for at least several years. Attorneys who practice in representing those impacted by foreclosure proceedings here in Florida are aware of these nuances and how to strategically apply them. Our attorneys are amongst those who can help. If you have any questions or concerns about foreclosure in Florida and/or if you need assistance, we can discuss your options and what we recommend in terms of moving forward. Contact the Tampa foreclosures attorneys at the office of HD Law Partners today to find out more. Resource: finance.yahoo.com/news/renters-homeowners-face-new-phase-of-coronavirus-crisis-evictions-172940378.html attomdata.com/news/market-trends/foreclosures/attom-data-solutions-q2-2020-coronavirus-housing-impact-report/ brevardtimes.com/2020/07/governor-extends-florida-foreclosure-and-eviction-moratorium-until-august-1/ Businesses Gear Up for Wave of Insurance Bad Faith Litigation Over Coronavirus-Related Claims 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