Anytime a family faces the possibility of home foreclosure, the stress and actual process can be the start of a lengthy nightmare. Some families in Florida and elsewhere have found the timeline for a home foreclosure has disrupted virtually every other aspect of their lives. For some, there may be limited options, while for others, bankruptcy can be the tool to minimize the overwhelming process and after-effects.
For those who are fighting a foreclosure and trying to keep a home, the family has to essentially double up on housing, meaning maintain two places at once. This can make an already stressful or impossible financial crisis even worse for a family. It can also lead to the decay of neighborhoods as some houses stand empty while a family lives elsewhere trying to muddle through the foreclosure process.
One woman in particular has been fighting the foreclosure process since 2010. She has to live with someone else while the case unfolds because the process has impacted her credit and also her chances to rent a place. A bad investment started the downward spiral into bankruptcy.
There are many options for those who are struggling to keep a home or support two homes while one goes through home foreclosure. The varying time line for a home foreclosure in Florida and other states can put a strain on families for years in certain cases. Knowing how bankruptcy may be a useful way to get through a difficult financial process can help ensure each family chooses the best option that will have minimal impact and offer a smooth time line for results.
Source: New York Post, “Dubious foreclosure cases are suffocating families“, Catherine Curan, Aug. 15, 2015