Mortgage Delinquencies in Sarasota More Than Double 2019 Rates

Homeowners across the country have had some protection from foreclosures during the coronavirus pandemic. State and federal laws (mostly through emergency rules and orders) have prevented most residential foreclosures throughout the year. Unfortunately, as 2020 draws to a close, so do the legal protections that have kept many families in their homes. This is a problem: the Sarasota Herald-Tribune reports that about 5.5 percent of mortgage borrowers in the Sarasota and Manatee areas are at least thirty days behind on their mortgage payments. This compares with only 2.6 percent in September 2019.

Despite a delinquency rate of more than twice what it was last year, foreclosures have remained at historic lows this year, largely due to these temporary government bans. Home equity and refinance options have helped some homeowners rearrange their finances to keep a current account, but these options are not available to all homeowners. Worse, homeowners whose arrears have simply accumulated throughout 2020 will be stuck with unpleasant options to pay the entire balance in early 2021 or face foreclosure.

There are still options that can help Florida homeowners stay in their homes after foreclosure bans are lifted in 2021. A foreclosure is very expensive for a lender to complete, so many are willing to work out payment options in lieu of paying attorneys fees, court costs, sheriff’s fees, and many other costs. There are also still local housing programs with funds available before CARES Act funds revert to the federal government at the end of the year.

The experienced Casselberry and Oviedo foreclosure defense lawyers at Quattrocchi and Torres are here to answer all your questions. The sooner you take action, the better options you will have for keeping your family in your home. Call 407.452.4918or contact us online to schedule your free consultation.