Like other states, the Florida economy fluctuates with some years better than others. Global, statewide and local issues affect the financial status of everyone. This holiday season, some people are dealing with lenders who are threatening foreclosure on a home or business property.
Florida is home to a lot of old buildings. Many of these properties have changed ownership throughout the years. As with private homes, commercial businesses or other real estate, ownership sometimes transfers to the lenders, if those who currently own said properties are not able to make good on their loans, thus prompting foreclosure.
Many Florida property owners are currently facing significant financial challenges. This is not uncommon, as most Floridians go through ups and downs in their personal economic statuses, just like people in other states who own property. While it is true that some situations are worse than others, it is also true that prompt and pertinent action can often help get things back on track before a property is lost to foreclosure.
There are many reasons that Florida homeowners may be unable to meet their monthly mortgage payments. Some have been hit with medical bills due to chronic adverse health situations or medical emergencies. Others have gone through divorce and are struggling to financially recover. While most financial crises are temporary, such problems can have far-reaching consequences, such as causing a homeowner to face the threat of foreclosure.
You may be one of many Florida homeowners who are currently at risk for losing their homes due to financial crises. It is understandable that threat of foreclosure might make you feel a sense of panic and also tempt to you grab hold of any apparent option presented to you in the hope of saving your home. The problem is that there are many scammers who are not only aware that such situations often cause people stress but they know how to trick people into thinking they are legitimate companies who can help.
When a Florida property owner fails to make mortgage payments, it can sometimes prompt a lender to take steps to obtain possession of the property in question. Under federal law, however, the lender cannot start foreclosure proceedings unless the mortgage loan is more than 120 days past due. If the mortgagor has no means of doing so, the foreclosure may proceed and the property can be sold at auction pursuant to a judgment of foreclosure.
Film fans around the world recently mourned the loss of one of Hollywood's greatest stars, Burt Reynolds. News of his passing was followed by stories about his life, including his childhood and continued strong ties to Florida. Some of Reynolds' fans may be surprised to learn that at one point, he was sued for foreclosure on a $700,000 home he had purchased with his wife at the time, actress Loni Anderson.
Wells Fargo has reportedly called in a loan against a Florida fish house owner. This business owner is definitely not the first one in this state or elsewhere to face a serious financial crisis. In fact, many company owners are able to halt the foreclosure process by seeking debt relief, such as filing for bankruptcy.
What if a Florida homeowner runs into some hard financial times and can't gather funds to make a mortgage payment? Would his or her home undergo foreclosure? It is not likely to happen for one missed mortgage payment and, perhaps, not even two. However, if a financial crisis arises and lenders are threatening to take ownership of a home, it is critical to know how to stall or prevent the process altogether.
Florida wine enthusiasts may have already heard that a popular winery on the West Coast has undergone serious financial crisis. The situation has led to foreclosure of the home. It is reportedly the most expensive foreclosure in the United States.