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Mortgage Forbearance Programs Have Ended. What is Next For Florida Homeowners In Distress?

Posted by David Hicks | Dec 12, 2022

Were you in a mortgage forbearance agreement with your lender during the Covid-19 pandemic? Did you apply for a loan modification during that time? Or were you behind in your payments before the start of the pandemic? It is very important for homeowners who are behind in payments or who did seek relief to know where they stand with their lender. The farther you fall behind, the more difficult it becomes to seek relief. And make no mistake, the lender did not forget about you. This is evidenced by the increase in foreclosures in Florida for the first half of 2022.

Why is this happening now? It's important to note that many of the foreclosure filings we're seeing concern loans that were either already in foreclosure or more than 120 days delinquent prior to the pandemic. Many of these loans were protected by the government's foreclosure moratorium. The moratorium ended on January 1, 2022, and so now foreclosures are again on the rise. Demand for single-family homes surged in the past two years, as the Covid-19 pandemic prompted people to look for more living space. The increased demand, facilitated by low interest rates and coupled with supply constraints, led to soaring home prices. But now the U.S. housing market appears to be coming back to earth, with Florida being mentioned again as a state that is experiencing a significant uptake in foreclosures.

In Florida, foreclosures rose by 124.5% in the first half of 2022, compared to the first half of 2021. The foreclosure rate of one in every 560 homes ranks as the sixth highest in the nation.

Foreclosure filings, a measure of the health of housing markets at local, state, or national levels, continued a steady climb back to pre-pandemic levels in the first half of 2022. While overall foreclosure activity is still running below historic averages, the dramatic increase in foreclosure stats suggests that we may be back to “normal” levels by sometime in early 2023. Don't become a foreclosure statistic. There is help available, but you need to understand your options. The attorneys at Holland Law Group can help you navigate the confusing landscape of lenders, servicers, mortgages and loan modifications. Serving the Gold Coast to the Treasure Coast, give us a call and we'll be happy to provide a no cost consultation that will answer your questions and put you on the right path to save your home.

About the Author

David Hicks

David Candler Hicks is from Tampa, FL. He received his J.D. from Loyola Law School in New Orleans, LA, and attended undergraduate studies at the University of Florida in Gainesville, FL. For the past ten years David has been representing clients facing foreclosure as well as credit card debt case...

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