Florida Forclosures and the Holiday Season
December 11, 2008
With the holiday season quickly approaching, families are beginning to worry about more than just the gifts they will be buying for their loved ones. Many homeowners have now carried the burden of wondering if they will have a home for the holidays or if they will lose it to foreclosure. According to the Miami Herald, housing advocates are questioning whether lenders are living up to their promises of stopping foreclosures for the holidays or not. Despite the talks of a temporary moratorium to stop foreclosure, there are almost 950 set to foreclose in Miami for the month of December. Homeowners are becoming desperate for the moratoriums to become enacted while banks continue to talk with the state.
There is potential good news for homeowners and banks as the state of Florida recently recieved foreclosure assistance funds through the Housing and Economic Recovery Act (The Real Deal). A total of $11.5 million in funds have been provided and Gov. Charlie Christ looks forward to use that money for foreclosure prevention counseling and legal assistance. Hopefully, this federal assistance will help hold up the banks/lenders from foreclosing on homes, at least in the month of December, and keep families at home enjoying the holidays. Only time will tell what the final verdict will be on the foreclosure issue in Florida.
June 12, 2009 at 11:03 pm
Foreclosures seem to be the big issue at the moment and in particular for overseas holiday home owners. I have noticed on our own resort in Kissimmee that the number of foreclosures has risen sharply in the past few months alone with the main problems appearing to be the increases in utility costs combined with the downturn in rentals for many people. Fortunately we have been doing really well with rentals so the effect has not hit us as yet but we are one of the few. It seems as though there is help available for owners struggling to keep up with mortgage payments and bills but it may only be delaying the inevitable in Florida.