Foreclosures in Florida Spiking Due to COVID-19: We Can Help You Avoid It

Since COVID-19 protections for homeowners expired in October, foreclosures in Florida are on the rise. Help is available if you are at risk for foreclosure.

As of December 2020, 4.8 million Floridians have filed for unemployment, largely because of the economic impact of the coronavirus pandemic. For Broward and Miami-Dade counties, the numbers are among the highest in the state—both are hovering around 30% based on the size of the workforce. Without unemployment benefits, almost a third of the population would be without a paycheck.

Even with unemployment benefits, however, many people are struggling to pay their bills, including their mortgages. During the early days of the pandemic, the state government put some protections in place for homeowners and renters, but was it enough?

Foreclosures Delayed

In April, Gov. Ron DeSantis issued a moratorium on evictions and foreclosures in Florida. Though he extended the moratorium for the fifth time in August, it has now expired as of October 1, putting thousands of families at risk of losing their homes.

In effect, the moratorium that DeSantis placed on foreclosures only helped to delay the inevitable for many Floridians.

Evictions and Foreclosures in Florida Flood the Courts

In a typical day, over 200 foreclosures are filed in Miami-Dade County. Now that the ban on foreclosures has been lifted, we can expect a wave of filings to flood the court system. The courts may be overwhelmed, just as they were in the 2008 financial crisis, though we have yet to see that kind of activity.

While some banks have begun offering borrowers alternative repayment options, such as deferred payments for up to six months, the problem still remains. Once that deferral period is up, the total amount owed since the pandemic started, just as it was when the moratorium was lifted, may be due.

This is a recipe for disaster for many homeowners, renters, and rental property owners.

How a Foreclosure Defense May Help

If you are facing foreclosure on your home, you need to speak with an attorney. A Florida attorney who handles foreclosure defenses may be able to keep you from losing your home. At the very least, hiring someone who knows the law may be able to limit how much your credit is damaged in the process.

Don’t Let Them Take Your Home without a Fight

The Miami area and the rest of South Florida have not escaped unharmed from the recent wave of foreclosures in Florida. If your home is in foreclosure, or you fear that it may soon go into foreclosure, don’t waste any more time.

Contact the Florida foreclosure defense attorneys at AM Law today. Our attorneys know what it takes to help those facing foreclosure. After determining whether we can help during our consultation, we will devise a plan that fits your needs. Get in touch with us today to set up a meeting.