Foreclosure Defense, Foreclosures

Foreclosure Moratorium Expires, Leaving 1.45 Million Homeowners in Serious Delinquency

Even though mortgage delinquency rates have fallen by five percent since May, a record 1.45 million homeowners are seriously delinquent on their mortgages, according to figures from Black Knight.

The number of delinquencies has improved for 12 of the last 14 months, with only two increases in delinquencies reported. However, delinquency volumes have continued to increase to the point of pre-pandemic levels. According to Black Knight, around 1.45 million borrowers are at least 90 days delinquent on their mortgages as of the end of July. This stage of the process is known as a late-stage delinquency, meaning the borrower is not in foreclosure but is dangerously close. Black Knight reported that this figure was one million more than at the beginning of the COVID-19 pandemic. Many of these borrowers are still working with their lenders on forbearance plans.

Foreclosure Defense, Foreclosures

Foreclosure Filings Increase First Month After Moratorium Is Lifted

Foreclosure filings have increased, just one month after the moratorium on foreclosures and evictions was lifted, according to data from ATTOM. Foreclosure filings have increased 27 percent nationwide. When compared to where these numbers were in August 2020, foreclosure filings in August 2021 were 60 percent higher.

ATTOM estimates that a total of 15,838 properties received a foreclosure filing during August 2021, whether it be through a notice of default, a bank repossession, or a scheduled auction.

Foreclosure Defense, Foreclosures

10 Percent of American Families at Risk of Eviction, Foreclosure

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.  

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.

COVID-19, Foreclosures, Kingcade Garcia McMaken

Evictions Pile Up as DeSantis’ Moratorium Set to Expire in Florida

Both landlords and tenants are waiting with bated breath to see what will happen when it comes to the current moratorium on evictions in Florida. With the hold on evictions set to expire at the end of this month, no official statement has come from the Florida Governor’s office regarding whether Gov. Ron DeSantis intends to extend the moratorium through the end of September. In the meantime, the number of eviction cases are piling up, waiting to proceed once the freeze on evictions is lifted.

The moratorium on evictions related to the coronavirus (COVID-19) pandemic originally took effect on April 2, during the height of the epidemic. As the hold on evictions now enters its fifth month, landlords are demanding the stay be lifted, allowing them to proceed with business, while tenants are requesting the hold on evictions be extended, giving them additional breathing room to get back on their feet during this difficult time. However, many landlords argue that the individuals taking use of this moratorium do not actually need the assistance but are simply taking advantage of the statewide ban.

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

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.