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Today, another federal report was released, this time from the Office of the Comptroller of the Currency: seems that mortgage delinquencies are rising again.  Which means that many people are not making that monthly mortgage payment.  As the Wall Street Journal suggests, this number is only going to go up if unemployment rates rise.

Florida Homeowners Hit Hard in Mortgage Crisis – Florida Foreclosure Records

Florida has been hit hard in the mortgage crisis.  We have set records in foreclosure actions filed in our courthouses, and we’ve made other infamous records in the amount of mortgage fraud and foreclosure fraud (robosigning, etc.) undertaken by banks and mortgage lenders.  Real estate values have plummeted and lots of people in Florida are underwater — their mortgage is higher than the current value of their home.

Have You Stopped Making Your Florida Mortgage Payment?  Are You Thinking About Not Paying On Your Florida Mortgage Anymore?

Right now, there are people who are living in a nice house or condo, and because of changed circumstances, or not, they are considering not making their mortgage payment — or maybe they’ve already stopped writing that check.  (Some are deciding to “strategically default.”)  If you are one of these people, here are some things that you may want to consider:

  • you may be living rent-free right now, which may seem beneficial to you now, but it comes with a cost
  • you may be able to live in your home for many months, without being forced to leave, because of the backlog of foreclosure suits in Florida and the big banks not moving forward on foreclosing (smaller banks, and it can be a different story), but it comes with a cost
  • you may see your credit rating fall each month
  • you may see an increase in collection efforts (phone calls, letters, etc.) by the mortgage holder
  • you may experience physical ailments and illnesses due to stress
  • you may experience relationship issues due to the stress
  • you may want to consider a short sale to move on with your life
  • you may want to plan on when and how to abandon your home (walk away), especially before the sheriff shows-up at your door

Legally, these Florida home owners need to know their legal alternatives and the consequences under Florida law for not making their mortgage payment.  Even though many may hear stories of the benefits of “squatting” in their home (living there but not making the mortgage payment), there are consequences which result from this action which they need to understand in order to make informed decisions and to move forward into a brighter future.

These include:

If anyone has stopped making their mortgage payment or is considering not paying their home loan any longer, then it is wise to get legal advice to understand what their actions may mean to them and their loved ones in the future.  The banks have legal counsel, and savvy Florida homeowners will have theirs, too.

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