The coronavirus certainly has scared many people, especially those who need to stay out of work. If they can't work, then how can they pay their bills? That question was heard loud and clear by the government, which has now passed a moratorium on foreclosures.
When you realized that you were over 60 days behind on your home's mortgage payments, you had a sinking feeling come over you. You know that missing it for too long could result in foreclosure among other problems for you.
Foreclosures are some of the worst things people deal with. One minute, they're enjoying their homes, but the next, they're facing homelessness.
When there is a possibility that you could have to go through a foreclosure, you may feel that your entire world is falling down around you. This is your home, and you've worked hard to get where you are.
Foreclosures happen when individuals cannot pay their mortgages on time. They may go 180 days or longer without making payments, but eventually, a creditor may decide to foreclose on the property.
The prospect of losing your home may be one of the most frightening and uncertain thoughts you and other Florida residents have while undergoing financial struggles. What are all the things that can happen if the bank takes possession of my house, you may wonder?
Failure to make payments on your Florida property can lead to foreclosure on your mortgage and loss of your home. Obviously, this is not an outcome that you want to see happen. As a matter of fact, your mortgage lender does not want to foreclose on your mortgage either. Foreclosing on your property forces the mortgage lender to take a loss and saddles it with a property that it then needs to dispose of.
If you are a Florida homeowner facing financial difficulties that put you in the frightening position of possibly having your home foreclosed upon, you may wish to consider Chapter 13 bankruptcy as a way to prevent foreclosure. If you have both a first and second mortgage, Chapter 13 may likewise allow you to get your second mortgage discharged and any lien on your home having to do with that second mortgage stripped.
When you have concerns about potentially losing your Florida home, you may be experiencing feelings of desperation, and those feelings of desperation can lead you to believe things you perhaps otherwise would not. At Kingcade Garcia McMaken, we recognize that many people become more susceptible to foreclosure scams when they fear losing their homes, and we have helped many clients avoid falling victim to such scams while otherwise helping them regain control over their finances.
An overall healthy national and global economy does not always guarantee protection from serious financial challenges for individuals. Many people in Florida know this through their own first-hand experiences. The problems can extend beyond credit card debt to mortgage delinquencies that put homeowners in jeopardy of losing their homes.