Will Miami Dade Foreclosures Rise Due to Covid-19?
With over a 1.6 million Florida unemployment claims filed to-date and Florida’s economy in turmoil, Floridians may likely see a greater amount of Miami Dade Foreclosures than the last recession. Florida Governor Ron DeSantis issued an executive order suspending Evictions and foreclosures for some time. However, many experts state that will not be enough. It is worth noting that Governor DeSantis Executive Order says you still owe the money. While homeowners and renters can stay in the homes without paying their rent or mortgage due to the pandemic, it does not offer long-term help for those who have lost their jobs and struggle each day to get by. Also, it does not allow landlords to subside mortgage payments from their lenders.
More than 200 evictions are typically filed in Miami-Dade County alone each day. With the effects of the Pandemic, it is likely that there will be a huge flood of cases once the executive order is lifted. That may lead to courts being overwhelmed much like the last recession. Banks have already started to offer mortgage payment deferrals for up to six months. However, the amount unpaid during such time will be due in full when the deferral period expires. In the 2008 recession, homeowners were told they would receive help if they stopped paying their mortgage. Yet, that did not stop banks back then from flooding courts with Miami Dade Foreclosures and many homeowner’s from losing their homes.
Our Foreclosure Attorneys Will Help You Get Back On Track
There will likely be a flood of Miami-Dade Foreclosures once again due to the Coronavirus pandemic together with many other affects for Floridians. At Serrano, Farah Law, LP, our Attorneys have the experience you need to help you get back on track. Considering your options with an experienced Attorney is the first step to helping you come out strong during these challenging times. Our Foreclosure Attorneys have over 15 years of experience and have received commendation from the City of Miami for successfully helping thousands of Clients to avoid foreclosure and save their homes.
To learn more about our services and how our Foreclosure Attorneys can help you, call now to schedule a consultation with absolutely no commitment.