With all that has transpired in the past 18 months or so, it\u2019s no wonder that foreclosure cases are on the rise throughout the US.\u00a0 This is especially true in Miami Gardens and many other South Florida communities.\u00a0 Furthermore, the courts are processing these cases much quicker, thereby complicating matters for homeowners even more.\u00a0 At the Arcia Law Office, we\u2019ve seen disastrous consequences for homeowners who could\u2019ve saved their homes if they had hired a Miami Gardens foreclosure defense attorney.<\/p>\n
Reasons Why Homes Go into Foreclosure<\/strong><\/p>\n When someone purchases a home, the bank or financial institution that lends them the money puts the prospective buyer through a rigorous process to ensure that they can repay the loan.\u00a0 Roughly 70% of all mortgages are 30-year notes.\u00a0 Sadly, unforeseen circumstances have a way of happening and a homeowner\u2019s financial situation can change dramatically.\u00a0 Many homeowners found this out during the past 20 months since the onset of the COVID-19 pandemic.<\/p>\n As a result, many homeowners found themselves 3 or more months behind on their mortgage payments.\u00a0 As of this June (15 months into the COVID-19 pandemic), nearly 2 million Americans were still that far behind on their mortgage payments, more than the number of homeowners that fell behind in the 2010 housing market crash.\u00a0 However, a global pandemic is not the only circumstance that can cause your financial situation to change dramatically.\u00a0 Other reasons for foreclosure include:<\/p>\n No matter what the reason for this occurring, homeowners will need a sound Miami Gardens foreclosure defense.\u00a0 And that\u2019s where the Arcia Law Office can help.\u00a0 Since establishing our practice, we have helped hundreds of Florida homeowners avoid getting foreclosed on.<\/p>\n The 3 Types of Foreclosure<\/strong><\/p>\n In most instances, foreclosures result when a homeowner stops making their monthly mortgage payments and they default on their home loan.\u00a0 What most people don\u2019t know is that 3 types of foreclosures can occur \u2013\u00a0judicial<\/em>,\u00a0non-judicial<\/em>, and\u00a0strict<\/em>\u00a0foreclosures.\u00a0 Here is how they differ from one another:<\/p>\n Before letting your home go, keep in mind that a foreclosure can lower your credit score anywhere from 85 to 160 points, depending on certain factors such as your previous credit history. It is best to work with experts to understand the loan progress.<\/p>\n A Miami Gardens foreclosure attorney from the Arcia Law Office can help you save your home and the memories you\u2019ve built while living in it.\u00a0 For more information about a Miami Gardens foreclosure defense or to speak with a Miami Gardens foreclosure defense attorney, call the Arcia Law Office today at (954) 437-9066.<\/p>\n","protected":false},"excerpt":{"rendered":" With all that has transpired in the past 18 months or so, it\u2019s no wonder that foreclosure cases are on the rise throughout the US.\u00a0 This is especially true in Miami Gardens and many other South Florida communities.\u00a0 Furthermore, the courts are processing these cases much quicker, thereby complicating matters for homeowners even more.\u00a0 At […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-245","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n\n
\nprimary income contributor<\/em><\/li>\n
\ndebt<\/em><\/li>\n
\ncreate an excessive amount of debt<\/em><\/li>\n
\nyour home<\/em><\/li>\n\n
\nforeclosures<\/em><\/strong>\u00a0\u2013 when
\na lender files a lawsuit against the homeowner, a court proceeding typically
\nensues.\u00a0 At this time, the court orders
\nthe home to be auctioned off or sold.<\/li>\n<\/ul>\n\n
\nforeclosures<\/em><\/strong>\u00a0\u2013 this
\ntype of foreclosure typically happens outside of the courtroom when the lender
\ninforms the homeowner that the property will be sold after 30 days if they
\ndon\u2019t get caught up on their monthly payments.<\/li>\n<\/ul>\n\n
\nforeclosures<\/em><\/strong>\u00a0\u2013 in a
\nstrict foreclosure, the lender takes the property without an auction or
\nsale.\u00a0 Although this type of foreclosure
\ninvolves a court proceeding, they aren\u2019t allowed in most states.<\/li>\n<\/ul>\n