It is no secret that Florida has been one of the hardest hit areas by the foreclosure crisis in recent years. While many families were unable to avoid the consequence of losing their home to the bank, the national mortgage debt settlement has stepped up in terms of offering solutions for reducing the number of foreclosures in the future.
Help For Homes
As part of the National Mortgage Settlement, more than $8.6 billion in mortgage relief has been provided to Florida homeowners in the last year alone. A report released last week indicated that close to 112,000 Floridians have received mortgage aid through mortgage modifications, refinancing and second mortgage forgiveness packages. The report also suggested that this large chunk of aid has helped the five major lenders near their aid obligations of $25 billion nationwide.
For Floridians, this news is promising in that the future of home ownership in Florida may soon be returning to some level stability. However, there will always been unexpected hardships that can lead to the risk of foreclosure. Part of the initiative to help homeowners fight mortgage debt troubles also includes educating consumers. While lenders work to revamp their loan practices, consumers should be aware of the following:
Don’t overspend when purchasing a home. Buy a home priced in a range whose monthly payment is less than 20% of your gross monthly income.
Stay on top of your financial situation. Don’t wait until you miss a payment to seek help with your mortgage payments.
Know your options. From mortgage modification and short sales, to bankruptcy court, an experienced Tampa bankruptcy attorney can help you review your options for managing your debt obligations.