Florida foreclosures have many families seeking debt relief

On behalf of Bankruptcy Law Firm of Clare Casas on Sunday, September 13, 2015.

Foreclosure can be a devastating financial and emotional crisis for people who work hard to put enough money aside to finally buy a home they can call their own. A reduction in income from a loss of employment, overwhelming medical debt from a serious illness or other circumstances beyond an individual’s control can create financial challenges that can lead to foreclosure.

Recent reports show that almost 100,000 residents in Fort Lauderdale and throughout the state lost their homes in the past year because they were unable to prevent foreclosure. Although that figure represents a decrease of 26,000 from the prior year, it still puts the state in the third spot on the list of states with the most foreclosures.

Another indicator of a serious need in this state for debt relief for homeowners is the statistic showing that 6 percent of homeowners are at least 90 days in arrears in making their mortgage payments. Again, this places the state near the top of the list of states with the highest delinquency rates.

Regardless of the cause of a family’s financial challenges, the worst thing anyone can do when facing a financial crisis is to give up without trying to eliminate debt or achieve a fresh start. Filing for bankruptcy might be one way for a homeowner to prevent foreclosure and eliminate debt through a workable repayment plan under the supervision of a bankruptcy court.

A Fort Lauderdale consumer bankruptcy attorney might be able to offer suggestions to help a homeowner to stop creditor and stop foreclosure. Just because you fall behind on mortgage payments does not mean that you cannot achieve a fresh start.

Source: Herald-Tribune, “Florida leads in foreclosures, but rate is slowing,” John Hielscher, Sept. 9, 2015