Florida family fight to save home from foreclosure
No matter how careful you are with your finances, how diligently you save or how thoroughly you plan for the future, life can still catch you off guard. It is all too easy for an unexpected event such as a serious illness, bereavement or accident to incur significant costs and leave you buried in debt. Sadly, it is a reality that all too many families in Florida face. Worse still, debt can be a downward spiral from which it is often difficult to escape.
Often, the issue arises when you have an expense to cover that you simply do not have the funds for. As a result, you may decide to put it on your credit card, knowing that you can pay it off bit by bit. However, the interest rate can mean that costs mount up faster than you are able to make repayments. Furthermore, if something happens to reduce your income, such as the loss of your job, you could find yourself unable to keep up with your payment obligations.
In Miami Beach, Florida, an elderly couple and their son have formed a local jazz band in order to raise a bit of extra money and attempt to save their home from foreclosure. The couple had gradually fallen into debt, eventually refinancing in order to reduce their credit-card debt. However, this left them with a $288,000 mortgage. Unable to keep up with mortgage payments, and with one of them battling Alzheimer’s, this couple is now embroiled in a battle to save their home which has been threatened with foreclosure.
This couple’s situation is not unique and all too many people in Florida are buried in credit card debt and other financial worries. If you are in this position, you may find the advice of a lawyer invaluable. He or she can advise you on your options and may be able to assist you with forming a plan for the future.
Source: Finance & Commerce, “More older Americans are being buried by housing debt,” June 9, 2015