Coronavirus, COVID-19, Foreclosure Defense, Foreclosures

Covid-19 Mortgage Bailouts Decline, New Foreclosure Crisis Looming

Homeowners are struggling to keep up with their mortgage payments as the coronavirus (COVID-19) crisis continues. The mortgage bailouts offered by the federal government and private sector during the crisis have helped temporarily, but as the number of bailouts begin to decline, many homeowners are finding themselves facing the possibility of impending foreclosure.

According to figures from Black Knight, a mortgage technology and data firm, approximately 3.7 million borrowers are still receiving assistance through federal government and private sector mortgage forbearance programs.  This figure represents nearly seven percent of all active mortgages. Forbearance plans allow borrowers to temporarily delay monthly payments for anywhere between three months to a year.

Foreclosure Defense, Foreclosures

Tax Implications Homeowners Facing Foreclosure Encounter from the CARES Act

The coronavirus (COVID-19) pandemic has thrown countless Americans into a financial tailspin. Many consumers were pushed out of jobs and put into the position where they are not able to pay the most basic of living expenses, including mortgage payments, to stay in their homes. As the pandemic continues, these homeowners are now put in a terrifying position, facing the real possibility that they could lose their homes.

At the start of the pandemic, lawmakers worked hard to try to keep Americans from facing this possibility by passing the CARES Act. One major part of this stimulus package was the ability for borrowers who carried federally backed mortgages to request a forbearance for up to 180 days on their loan obligations. The hope was this measure would give distressed homeowners breathing room and a chance to stay in their homes during this time of financial difficulty. If needed, borrowers could then request an additional 180 days of relief.

Coronavirus, COVID-19, Foreclosure Defense, Foreclosures

Governor DeSantis Issues Amended Executive Order on Foreclosures and Evictions

The statewide moratorium on evictions and foreclosures during the coronavirus (COVID-19) crisis has been extended via an executive order issued by Gov. Ron DeSantis. However, critics are questioning the language within the order itself as to just what it means for Florida residents facing evictions or foreclosures.

The executive order was signed and announced on July 29. However, the amended language in this new executive order does not prevent all evictions and foreclosures like the previous one did.

Foreclosure Defense, Foreclosures

Florida Homeowners Struggle to Pay PACE Home Improvement Loans

Florida homeowners who have financed home improvements through help of an energy loan program are now struggling to pay back those debts. The program, named Property Assessed Cleaning Energy, also known as PACE, is a financing program used to fund improvements to property owner’s homes in Florida over the past three years.

PACE is offered only in three states throughout the country. For some South Floridians, the PACE program has been a blessing, but it has unfortunately ended up being more of a curse for many of them as they struggle to pay back their loans. This money meant the ability to install a new roof, solar energy systems, an air conditioning system or even hurricane-resistant impact windows. Through PACE, all of this would be financed with nothing down and no credit check. The applicant simply would need to show that he or she had equity in the home, had a good history of making mortgage payments on time, and could show that he or she had enough money to make payments on the PACE loan.

Foreclosure Defense, Foreclosures

Federal Ban on Foreclosures and Evictions Extended through End of August

As the coronavirus has put hundreds of thousands of Americans out of work, many are struggling to pay necessary living expenses, including rent and mortgage payments.  At the start of the pandemic, many states, as well as the Federal Housing Finance Agency (FHFA) issued a temporary ban on foreclosures and evictions to help alleviate this burden.

This week, the FHFA has announced that they will be extending this ban on foreclosures and evictions through at least August 31.

Foreclosure Defense, Foreclosures

Mortgage Foreclosure and Eviction Relief Extended by Governor DeSantis

The order issued by Gov. Ron DeSantis offering Floridians facing eviction or foreclosure relief has been extended through July 1, 2020. The order was issued at the start of the coronavirus (COVID-19) pandemic to help individuals facing financial stress. Given that the economic fall-out from COVID-19 is ongoing, Governor DeSantis has extended this relief into mid-summer.

This news comes at a good time, as unemployment is still at a record high. Florida’s unemployment system has still been failing many who have applied for benefits. Thousands of individuals are still waiting to receive their unemployment so that they can pay necessary living expenses, arguably the most important of these being rent and mortgage bills.

Foreclosure Defense, Foreclosures

Foreclosure Scams to Beware of

When someone is at risk of losing his or her home, that person may be willing to take any offer, even one that sounds too good to be true. Many foreclosure scams exist, built on false promises and deception. It is important that consumers be aware of these scams and recognize the red flags in advance.

While the types of foreclosure scams vary, they do have one thing in common. They are built on false promises, and prey on financially distraught homeowners who fear losing their homes. These companies swoop in and take advantage of someone when they are at their most vulnerable and are desperate for any type of assistance.

Foreclosure Defense, Foreclosures

Steps to Take to Keep Your Home and Avoid Foreclosure

When someone is facing a difficult financial situation, one of the main concerns that person may have is losing his or her home. If a person is not able to pay day-to-day expenses, one of the biggest bills that will go unpaid is the mortgage bill. However, if the mortgage is not paid on time for more than 180 days, the lender may decide to proceed with a foreclosure action. The key is to respond quickly to avoid losing your home through foreclosure.

Foreclosure Defense, Foreclosures

Foreclosure Rates in U.S. Dip to a 20-Year Low

 The national foreclosure rate has fallen to the lowest levels seen in two decades following housing reports from July 2019. Financial experts believe this drop is due to a stronger job market and a lower unemployment rate.

According to Bureau of Labor Statistics, the national unemployment rate fell to a 50-year low of 3.5 percent as of September 2019 with 136,000 jobs being added to the market. In addition, the hourly earning for all employees has gone up 2.9 percent from the prior year. As Americans have more money to spend, the chances of them falling short of meeting their monthly expenses also goes down.