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Watch out for circumstances that can lead to foreclosure

In the blink of an eye, your life can change. This often leads to some type of financial impact as well. If you are a homeowner in Florida, the smallest dip in income — even if it is temporary — can set you back.

If life often throws you a curve ball due to an unexpected crisis or a situation that develops over time, you may come upon tough financial times. Fortunately, with a little guidance and foresight, you may be able to avert worst-case scenarios, such as threat of foreclosure on your home.

What types of situations often lead to foreclosure?

No two financial situations are exactly the same. You may live in the same neighborhood as dozens of other homeowners. However, each of you may be at very different points along your financial journey. The following stumbling blocks can be precursors to serious financial troubles:

  • Medical problems: A single visit to a doctor or hospital for a relatively minor problem can be quite expensive. If you are hit with a serious health condition or undergo surgery, you may face mounting medical bills that propel you to the edge of financial disaster. Such situations can lead to foreclosure when people paying exorbitant medical expenses are no longer able to make ends meet at home.
  • Marital splits: Divorce often throws people for a loop. A long drawn-out battle, child support, alimony payments or an unfavorable division of assets can leave people wanting.
  • Loss of income: If you unexpectedly lost your job or you need to stay home to care for an ill family member, the income loss can put you at risk for a financial crisis. 
  • Death of a family member: Facing the sudden and unexpected loss of a loved one in a fatal accident or due to illness may place you at risk for serious financial problems as well.

If the foreclosure process has begun on your house, you have options available. Knowing where to seek guidance and learning which option may be best for your particular situation is not hard.

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