We’re being told that the economy overall has been improving and that the jobless rate has dropped to a multi-year low. From this type of encouraging economic statistics you might think that the foreclosure crisis has finally reached its end but unfortunately, we are now seeing statistics that show that foreclosure filings in Florida for July were up 35% over last year at this same time (Miami, Florida specifically is up 29% over last year). See: https://www.bizjournals.com/prnewswire/press_releases/2018/08/21/LA85049.
These increases can in part be blamed on the damages done by the passage of Hurricane Irma and the ensuing filing moratorium imposed by many (if not most) of the institutional lenders and servicers as well as the governmental lenders. The foreclosure pause that followed the passage of Hurricane Irma went from the end of September 2017 through the end of 2017. Many of the lenders did not begin filing again until the beginning of 2018 after the customary end of the year foreclosure moratorium.
An Increase In Foreclosure Filings Around The Country
According to the above article above 21 states have posted an increase in foreclosure filing over this time last year. This type of data does unfortunately not get the type of headline time as do the reports alleging a strengthening economy. As legislations are loosened we have seen the rise in riskier lending practices. Recently we have also seen the type of short term large lump sum payment private loans that were around in advance of the foreclosure bubble. As home values have risen recently so have the existence of “alternative” funding sources. Homeowners who may not in the recent past have being able to qualify for institutional loans due to the increased governmental lending regulations have begun to indicate that they are finding (and are even being approached in some instances) private lenders willing to offer loans with lending terms that are way outside the norms and requirements of the larger lending institutions.
Obviously not every private lender is extending credit in a manner that would be considered questionable but with this type of less regulated lending availability there may be in increase in the type of riskier lending and borrowing practices that led to the foreclosure crisis in the first place. While it may be daunting when you are applying for a loan, due to the extensive and confusing language, a close review of all loan documents is essential to know what potential risk may be contained in the terms and conditions of the potential loan. Do not fall into the trap of relying upon the assertions of the lending party as to the issues you may need to be wary of as they will always be looking out for their interests first. Please make every effort not to become a part of the increasing foreclosure rate statistics in your efforts to secure a mortgage loan.
Learn more about how our Fort Lauderdale foreclosure attorneys can help you at https://www.fight13.com/practice-areas/foreclosure-defense/.
Loan Lawyers has helped over 5,000 South Florida homeowners and consumers with their debt problems, we have saved over 1,800 homes from foreclosure, eliminated $100,000,000 in mortgage principal and consumer debt, and have collected millions of dollars on behalf of our clients due to bank, loan servicer, and debt collector violations, negligence and fraud. Contact us for a free consultation to see how we may be able to help you. Call us at 1-888-Fight13 (344-4813).