More than half of Florida’s residents responding to a survey claimed to have fallen behind on their rental or mortgage obligations. According to the U.S. Census Bureau, the Sunshine State has the highest number of households in arrears with their rent or mortgage payments.
Survey respondents also admitted that they anticipate facing an eviction or a foreclosure over the next two months, as reported by Spectrum Bay News 9. Individuals experiencing financial hardship may, however, have some options for proactive steps that may help them keep their residences.
Applying for rental or mortgage assistance may help
Some Florida counties and nonprofit organizations offer financial assistance programs that may help with rental or mortgage payments. This type of aid could have strict qualifying criteria and may then provide only a single payment as support. Individuals expecting to return to work in the near future may, however, stand a chance to benefit from the temporary relief.
Homeowners with severe financial issues may require a forbearance application, which could possibly reduce or delay mortgage payments. As noted by Bankrate.com, each lender has its own procedure and specific terms a borrower must meet.
A bankruptcy filing may provide an alternative option
Individuals who do not qualify for payment assistance, or those who find themselves struggling even after receiving some financial aid, may find that bankruptcy presents a workable solution. Filing a petition may put a stop to an eviction or a foreclosure and also allow struggling individuals to remain in their homes.
Before deciding on bankruptcy, a renter or homeowner may first choose to seek the available means of financial assistance. When it appears, however, that a reduced income and rising expenses have otherwise become unmanageable, a bankruptcy petition may help offer a fresh start.