Facing Foreclosure in Florida? Here’s 5 Things You Need to Know
Are you currently facing foreclosure in Northeastern Florida? It doesn’t need to be said that it’s very distressing to have your home under foreclosure.
In February 2021, homeowners in forbearance across the U.S. had skipped an average of eight monthly mortgage payments, valued at roughly $8,300.
That same month, the Departments of Housing, Urban Development, Veterans Affairs, and Agriculture collectively announced a foreclosure moratorium after heavy prompting from the CDC.
As a result, President Biden allowed an extension of the forbearance and foreclosure relief programs, which were initially slated to expire on June 30, 2021.
The goal was to:
- Offer relief for COVID-19-related forbearances against foreclosure. This meant homeowners entering forbearance on or before June 30, 2020, could have up to six additional months of mortgage forbearance.
- Protect homeowners of color who are disproportionately delinquent in mortgage payments due to COVID-19 hardship.
- Create a central resource for housing assistance via the Consumer Financial Protection Bureau.
Seventy-five percent of U.S. mortgages are federally-backed and. Under the moratorium, homeowners with federal mortgages have had the option of skipping monthly payments for as long as 18 months– until now.
Unfortunately, the programs and initiatives designed to protect you, a First Coast homeowner, are now failing.
Today, there are 1.75 million homes across the United States currently in forbearance, and 85,000 of them are located right here in Northeastern Florida.
The Supreme Court has ruled against the CDC’s Foreclosure and Forbearance Moratorium. This leaves many homeowners across Northeastern Florida facing imminent foreclosure.
Home prices are at record highs while inventory is at a record low. Don’t let the bank steal the equity in your home!
If you’re facing foreclosure in Northeastern Florida, the best way to navigate it is by educating yourself.
This is why we’ve created a FREE Special Report called ““The 5 things you must know when facing FORECLOSURE!”
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