The threat of home foreclosure and the actual loss of a home can impact the financial future of a family. When the financial crisis began, many Florida families found home foreclosure to be the only option. New estimates have recently revealed data that shows that those who went through the home foreclosure process during the recession may be less likely to become homeowners again anytime soon.
Over 9 million homeowners dealt with home foreclosure or were forced to sell a home because of financial difficulties between 2006 and 2014. Of those people, less than 3 million are currently homeowners or have plans to become homeowners in the next eight years. For many, ineligibility has prevented the chance for homeownership after economic hardship.
For those who do qualify for a mortgage again, fear may keep them at bay. As for others, lack of credit or the lack of significant improvement in income may stand in the way of homeownership. Despite the statistics, the 2.5 million who can and are expected to cautiously buy again will make an impact on the housing market, particularly in Florida.
Fear of home foreclosure can affect Florida families in different ways. For those currently going through the process or those who fear a possible home foreclosure, there are options that may help them to stay in their homes or preserve the ability to buy in the future. One viable option may be bankruptcy, as this solution can pause home foreclosure and save a debtor’s credit by allowing that person to pay down staggering debt. In addition, it can give people the fresh starts they need to protect their financial futures.
Source: nasdaq.com, “Many Who Lost Homes to Foreclosure Won’t Return“, April 20, 2015