Despite Legal Protections, Florida Was One of Three States With Highest Foreclosures in 2020
The foreclosure statistics in America look pretty good right now, as Mortgage News Daily reports that foreclosures across the United States are down 80 percent from 2019 figures. While this indicates that foreclosure prevention measures – such as the temporary federal ban – are working, it is not good news for all homeowners across the country. Florida, Illinois and California are the states with the highest number of foreclosures. This means that Florida homeowners must be prepared for the end for federal foreclosure protections.
So what can Florida homeowners do to prevent foreclosure in 2021? It is important to take action now. There are still state and local funds with monies from the CARES Act. These funds must be forfeited back to the federal government if they are not dispersed by December 30, so many local programs are working hard to get grants to homeowners who need financial aid. If you act early, you might also be able to negotiate a payment plan with your lender.
It costs a bank a lot to complete a foreclosure case, and because foreclosure cases have been stacking up throughout 2020, it could take lenders a long time to have their foreclosure cases heard in court. Many lenders would prefer to renegotiate a payment plan rather than wait a long time to spend a lot of money on a foreclosure. But negotiations are much more difficult if you have let your account go for too long, or if your arrears have gotten too high. Early communication with your bank can improve your chances of a successful payment negotiation.
Consult with Foreclosure Lawyers in Casselberry
The experienced Casselberry and Oviedo foreclosure lawyers at Quattrocchi and Torres are here to answer all your questions. Call 407.452.4918 or contact us online to schedule your free consultation.