Homeowners across the country are facing unique struggles this year. The current coronavirus pandemic has resulted in job loss and reduced income for many families. This can translate to difficulties making a mortgage payment.
Are homeowners struggling to make mortgage payments?
Yes, homeowners throughout the country are facing these struggles. Mortgage Bankers Association reports that those who fell behind in their mortgage payments, referred to as the mortgage delinquency rate, for July through September of 2020 went up by almost 4% compared to the same time in 2019.
Is this true for homeowners in Florida?
Unfortunately, recent data shows Florida is leading the way when it comes to issues making mortgage payments. According to a recent report in Tampa Bay Times, the sunshine state has taken 4th in the nation for its mortgage delinquency rate. Nevada, New Jersey, and Hawaii round off the top three.
What can homeowners do to save their homes?
The Department of Housing and Urban Development (HUD) recommends those considering foreclosure schedule a meeting with their lender. In some cases, the lender may be willing to adjust the terms of the mortgage. Loan modifications can result in more favorable terms. It is also important to open all of the mail that you received from your lender. If you ignore these mailings, you may miss important dates. These could include legal dates. If you fail to respond by the deadline it may be difficult to explore other options to save your home. Options that could include a deed in lieu of foreclosure or short sale.
