It seems apparent now that a wave of foreclosures is soon to hit Florida. Collections moratoriums and loan forbearance programs gave consumers some much needed relief to deal with a loss of income during covid, however many consumers are facing the prospects of the moratorium expiring and the forbearance programs ending without any real chance to get back into an affordable loan payment. There is no question that at some point at end of 2021 or during 1st quarter of 2022 a significant rise in foreclosures is hitting the market, but what that means to consumers is still unclear. During the Great Recession one of the most significant factors consumers faced was the fact that they owed significantly more than the house was worth. In most cases, this meant the consumer had no incentive but to stay in the home and delay the foreclosure as long as possible. Essentially living without paying rent and at some point filing a Chapter 7 Bankruptcy to get rid of any outstanding debt was a very good strategy for many. However, this time around many consumers in foreclosure may find that they still have equity in their home, even after their forbearance expires. If that is indeed the case then that means a significant shift in strategic thinking is necessary to make sure the consumer comes away with something of significance, either a loan modification or keeping the equity in their home. It is important to stay away from any lawyers or realtors that do not recognize these changing circumstances and continue to pitch old ways of thinking. We believe that difficult decisions will likely need to be made very early by most consumers if they want to get the best possible result from foreclosure. It is hard to make good decisions if the people that are helping you don't understand the dynamics involved in the legal foreclosure process as well as the market conditions in the real estate market.  Our lawyers are available to sit down and discuss your options to help you reach the best result.