Most indicators show that the national housing market is improving. But, in Florida, the recovery is probably going to take longer for the state overall. Any of our readers who are familiar with previous posts here know that the South Florida area is doing better than most, but the rest of the state isn't having the same luck. Hundreds of Florida homeowners face the threat of foreclosure every day because they still have trouble paying their mortgage.
The U.S. Department of Housing and Urban Development, also known as HUD, has a section on the agency's website that is dedicated to advising Florida homeowners of tips they may be able to use to avoid foreclosure. Being a property owner can be difficult at times, especially when so many are still facing financial challenges that leave them with tough choices regarding what to do with their paycheck. The HUD website has a primary tip that makes all the sense in the world: take action early.
There is no question that many people run into financial challenges suddenly, with no forewarning or foreshadowing. But, in many cases, property owners with a mortgage payment to make can see the financial problems coming. HUD advises Florida residents to act as soon as they start to think they may be unable to make their monthly mortgage payment.
Avoiding foreclosure is one thing, but it may take more to avoid an even bigger financial pitfall. There are those among us who would seek to prey upon homeowners who find themselves facing desperate times. As a result, there are many foreclosure-prevention scams out there, and HUD advises Florida residents to learn more before they jump into a program without all of the information.
Source: HUD.gov, "Avoid Foreclosure: Florida," Accessed May 17, 2015