Beginning on Dec. 1, the Federal Housing Finance Agency will open up the housing market in Florida counties such as, Miami-Dade, Broward and Palm Beach, to include more than 2,000 homes that have been foreclosed. Similar efforts have also begun in Detroit and Chicago earlier this year.
This opportunity provides the possibility for residents to take control and improve their own local communities, stricken with the blight of foreclosed homes, which have not been maintained. It also provides an opportunity for first-time home buyers who otherwise may not qualify to enter into the housing market to buy a home.
The houses, whose maximum values top $175,000, will become available to housing groups who are able to provide much needed renovation and resell or rent them to qualified residents. Some of the groups who will more than likely bid on the homes include, Neighborhood Housing Services of South Florida and Neighborhood Renaissance.
Filing bankruptcy or losing a home due to foreclosure can seem like a door to financial freedom has been slammed in your face. However, in many cases, it provides an opportunity for individuals to get a fresh financial start and begin rebuilding credit once again.
If you are facing monetary struggles and these hardships are interfering with your financial goals, you should meet with a qualified attorney to find out what options are available to you. Filing for bankruptcy isn’t the end, in fact, it can be the first step toward getting you back on track to meet your dreams. Like many of the individuals who will be soon presented with the opportunity to buy a home for the first time, dreams do come true; even when you have to take a detour to get there.
Source: Sun Sentinel, “Foreclosed homes expected to hit the market in South Florida,” Paul Owers, Nov. 10, 2015