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Don’t close the door on these foreclosure warning signs

If you live in Florida year round, you’ve likely noticed that the state’s economy has navigated the same ebbs and flows as that in most other states. In recent years, economic crisis has thrown many households into downward spirals, leaving homeowners and their families grasping at straws and trying to keep their heads above water. If you’re one of many currently facing financial problems, you may also be worried that you could lose your home.

Living with the threat of foreclosure looming overhead like a dark cloud is enough to cause anyone severe stress. However, if you know ahead of time what some of the warning signs are that suggest your home ownership may be at risk, you might be able to get a handle on your finances in time to avoid a problem.

Minor problems that can lead to major problems

You’d likely be hard-pressed to find someone who hasn’t experienced financial difficulties at some point in his or her life. In fact, even if you’re used to consistent financial stability, unexpected events or life-changes can cause sudden upheaval from which it may prove quite challenging to rebound. Following, are some red flag issues that may signify possible foreclosure trouble ahead:

  • If you’re having trouble meeting your daily living expenses and have resorted to using credit cards to cover such costs, it may be a sign of trouble.
  • If you usually pay off your credit card debt every month but have resorted to only making minimum payments, this could be a sign that finances are getting out of control.
  • If creditors are calling and you have to choose which bills to pay each month instead of paying full amounts on all expenses, you may want to consider reaching out for financial guidance.
  • If you or an immediate family member has suffered a major medical setback that has caused exorbitant debt and you are now unable to make your mortgage payments, it’s a definite sign that you may be at risk for foreclosure.

It’s understandable if you feel embarrassed or worried about finding support to help you navigate a serious financial situation. You should know that you are not alone, as many other Florida residents have overcome similar problems in the past. Many have been able to avoid foreclosure and move toward restored financial stability by seeking the assistance of an experienced bankruptcy law lawyer.

Often, the key to surpassing serious financial obstacles is to meet them head on by implementing solid restructure and organizational strategies. By relying on skilled representation, you may be able to access options you were not aware existed.

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