The recession hit everyone across the board, across all income levels. The housing market in Florida took a direct hit. When people think of home foreclosure rates, they may picture the downtrodden and those who may have been on the lower end of the income scale. However, home foreclosure and other economic hardships have transcended all income brackets.
One area in the country has been hit particularly hard and has resulted in million-dollar homes being vulnerable to the home foreclosure process. One woman in particular got behind in payments and now owes over $200,000. That is primarily in late fees and attorney costs as she pursues ways to keep a home she has refinanced repeatedly.
Another couple had to deal with an accident, making it impossible for the husband to work. They fell behind in the local tax payments they were obligated to pay. Home foreclosure action was taken, and they owed roughly $240,000 to their lender. While some in the higher income brackets may have the resources to prolong the process and fight home foreclosure, they are still subject to the same penalties and late fees as anyone else behind in payments.
When someone falls so far behind, they may assume that there are no options for regaining control or handling the back debt in a responsible way. Once home foreclosure action is taken in Florida, the homeowner may also feel that there is no hope of stopping the process or getting back on stable financial footing. However, before, after or during the home foreclosure process, a homeowner has options and may benefit from exploring and learning more about those particular options.
Source: lohud.com, “Homeowners struggle to pay mortgages on houses of all sizes“, Barbara Livingston Nackman, May 30, 2014