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Subprime Loans Aren’t the Only Cause for Home Foreclosure


Posted on Apr 07, 2010

April 7, 2010 - Florida - One of the hardest-hit states for foreclosures has been Florida. Homeowners in the Sunshine State have dealt with a range of problems, from predatory lending practices to rising unemployment, both of which led to a rise in foreclosures across the board.

According to The Miami Herald, most struggling homeowners in Florida are the victims of more than one bad circumstance. While it's easy to assume that those considering foreclosure are simply locked into a subprime loan, in fact, many homeowners have lost a job and now have to contend with other issues, ranging from major illness to divorce. Recent reports show the unemployment rate and number of foreclosures have both risen steadily since 2007.

New statistics shed some light on the types of homeowners that have recently foreclosed in Florida. One quarter of them are college graduates, while almost 1/3 of the rest of homeowners have some college education. Almost 75% have children, and all but 8% are married.

The statistics did not specify whether the people experiencing foreclosure had done so because of organic reasons (job loss, buying more house than they can afford, etc.) or because of deceitful or illegal loan practices.

If you live in Florida, or anywhere in the United States, and you believe that your bank or lender has taken advantage of you, you may have the grounds for a bank foreclosure lawsuit. The Massachusetts wrongful foreclosure attorneys at Phillips & Garcia will fight for your rights in your foreclosure case. We are committed to protecting your best interests and your family's home and helping you collect the damages you need and deserve to move on with your life. Contact Phillips & Garcia today to schedule your FREE legal consultation - (877) 892-5620.

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Legal Help for Wrongful Foreclosure and Seizure in Any State.  Phillips & Garcia, P.C., a leading law firm in wrongful foreclosure and seizure cases, is now taking cases in any state where there has been a wrongful foreclosure, lock-out and trash-out of a borrower's home.  We are licensed in Massachusetts and associate with a qualified attorney in your state.