More than 11 million American families are facing a crisis when it comes to housing, specifically when it comes to making their rent and mortgage payments, according to a new report released by the Consumer Financial Protection Bureau (CFPB).
The CFPB conducted a survey of the housing market during the coronavirus (COVID-19) pandemic and found that approximately 2.1 million American families are at least three months or more behind on their mortgage payments. Approximately 8.8 million of them are late on paying their rent.
A collective $90 billion in missed housing payments is owed. Figures this high have not been seen since the Great Recession when a massive number of families fell behind on the rent or mortgage payments. Financial experts fear that a wave of foreclosures could be coming unless something is done to help.
Unfortunately, homeowners and renters are not the only ones struggling. Many small landlords are also struggling, making it even harder for renters to receive assistance or a break from their them to remain in their homes. Without some type of financial stimulus or assistance, it is uncertain whether evictions and foreclosures can be prevented.
Certain socioeconomic groups are being hit harder than others, according to the CFPB figures. African American and Hispanic families are two times as likely to be late on their housing payments. Nine (9) percent of renters surveyed said that they were likely to be evicted. Of those worrying about eviction, African American and Hispanic households were more likely to be at risk of eviction.
Please click here to read more.
Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure, please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.