preforeclosure: Why the Forbearance Program Changed the Housing Market - 08/08/22 05:23 AM
When the pandemic hit in 2020, many experts thought the housing market would crash. They feared job loss and economic uncertainty would lead to a wave of foreclosures similar to when the housing bubble burst over a decade ago. Thankfully, the forbearance program changed that. It provided much-needed relief for homeowners so a foreclosure crisis wouldn’t happen again. Here’s why forbearance worked.
Forbearance enabled nearly five million homeowners to get back on their feet in a time when having the security and protection of a home was more important than ever. Those in need were able to work with their banks and … (4 comments)

preforeclosure: 3 Graphs To Show This Isn’t a Housing Bubble - 08/02/22 06:56 AM
With all the headlines and buzz in the media, some consumers believe the market is in a housing bubble. As the housing market shifts, you may be wondering what’ll happen next. It’s only natural for concerns to creep in that it could be a repeat of what took place in 2008. The good news is, there’s concrete data to show why this is nothing like the last time.
There’s a Shortage of Homes on the Market Today, Not a SurplusThe supply of inventory needed to sustain a normal real estate market is approximately six months. Anything more than that is an overabundance … (8 comments)

preforeclosure: What is a PreForeclosure in Florida? - 07/22/22 06:27 AM
With millions of homes across the country going into foreclosure, it’s important for both buyers and mortgage holders to understand the process.
So what is a pre-foreclosure in Florida anyway?Many homeowners across America are facing difficulties making their monthly mortgage payments.
When a homeowner misses 3-6 months of mortgage payments, the lending institution will issue a warning, notifying the homeowner to pay or lose their home. If a homeowner fails to make the necessary payments, the bank will file an action to foreclose on the home in the court. Thankfully, during this stage of the process, a mortgage holder has the opportunity to take advantage of several options to … (3 comments)

preforeclosure: The Foreclosure Process in Florida - 07/18/22 02:56 PM
Most homeowners need to borrow money from the bank before buying a property. It’s often a necessary but unwanted acquisition due to lenders’ perplexing contracts, extensive regulations, and steep interest rates. But what happens when you cannot meet those monthly mortgage payments? You’ll probably unwillingly experience the dreaded Florida foreclosure process, and will be looking for help.
Homeowners dread the F-word, and for good reason. Foreclosures can leave you homeless while ruining your credit. Although lenders are required to inform you about the many consequences resulting from a defaulted loan, the Florida foreclosure process can seem sudden and life-altering. But how do … (0 comments)

preforeclosure: I'm Facing Foreclosure What Are My Options? - 06/20/22 06:18 AM
Homeowners Have Several Options When Facing Foreclosure.
Loan modifications, secondary loans, borrowing from acquaintances, filing for bankruptcy, and selling are all possibilities with varying success rates.
But all foreclosure options aren’t equal. Some common methods used to avoid facing foreclosure can leave the homeowner incurring a larger debt. Other recommended strategies used to stop foreclosure require third-parties to be sympathetic to the foreclosure plight.
If halting foreclosure is a homeowner’s goal, the best foreclosure option might be the least likely.
Modifying Your Loan When Facing Foreclosure One of the most common foreclosure options homeowners consider when facing foreclosure is modifying their pre-existing mortgage. This method … (4 comments)

preforeclosure: What You Actually Need To Know About the Number of Foreclosures in Today’s Housing Market - 05/12/22 05:45 AM
While you may have seen recent stories about the volume of foreclosures today, context is important. During the pandemic, many homeowners were able to pause their mortgage payments using the forbearance program. The goal was to help homeowners financially during the uncertainty created by the health crisis.
When the forbearance program began, many experts were concerned it would result in a wave of foreclosures coming to the market, as there was after the housing crash in 2008. Here’s a look at why the number of foreclosures we’re seeing today is nothing like the last time.
1. There Are Fewer Homeowners in Trouble Today’s … (4 comments)