Any number of issues can lead to financial crises for Florida residents and others. Most finance problems are temporary and finding solutions often depends on the types of support resources one accesses. There are currently many people in this state and beyond who are worried about foreclosure, although data shows the national rate for these legal proceedings has significantly decreased.
In fact, this year’s foreclosure numbers are the lowest they have been in 25 years. One month’s statistics showed nearly two million mortgages at least 30 days past due. However, none of these homes were in foreclosure. Perhaps some people were able to adjust spending habits and catch up on their mortgage payments.
Others may have been able to contact their lenders and work out alternate payments plans until they are able to get things back on track, financially. There are also other options that can help keep foreclosure at bay, such as bankruptcy. If a homeowner files for bankruptcy, it halts the foreclosure process until the further order of the court. Because there are eligibility requirements involved in bankruptcy, a homeowner would first need to make sure he or she qualifies.
The best thing for a Florida homeowner to do when facing financial trouble that appears to be headed for foreclosure is to reach out for support from a debt relief attorney. Options can be explored to determine the most viable fit for a particular set of circumstances. It also makes sense to seek clarification of the laws that govern bankruptcy and foreclosure before taking any formal action.
