No One is Safe From Foreclosure

When foreclosure strikes it is one of the most devastating and disruptive events in a family's life. It turns out no one is safe from foreclosure. Toni Braxton, a Grammy winning singer, has reportedly defaulted on her mortgage with Bank of America for her home located in Century City, Los Angeles. Unlike Ms. Braxton, most American families do not own several properties. Nor does the average American family own a multi-million dollar home. However, many Americans, especially in Florida, are now dealing with the home foreclosure process.

What happens during a foreclosure is not merely the displacement of a homeowner and their family from their home. Debilitating economic stress, divorce and family strife and major health concerns have sprung out of this foreclosure crisis. A foreclosure inevitably destroys the homeowner's credit rating, thereby the foreclosure process not only displaces the homeowner from their home, but effectively prohibits the homeowner from purchasing a new home in the near future. It may take two to three years or longer before a homeowner would be considered for a new home loan after a foreclosure strikes.

Furthermore, the financial and economic stress of foreclosure has a negative impact on marriage. The already high divorce rate has inevitably increased due to the foreclosure crisis. A home in foreclosure leads to unique concerns in a divorce. Florida is an equitable distribution state and normally the marital assets are divided as close to 50/50 as possible, unless factors exist to distribute the marital assets unevenly. Normally, a home is the largest marital asset. However, in foreclosure, the property is most likely worth less than what is owed, in other words the property is "upside down" or "underwater." Divorcing couples are forced to make difficult decisions regarding the property. The couple may be able to short sale the property, or one party may try to stay and live in the home.

That same stress that causes marital strife has serious medical ramifications, primarily for those already in bad health. An American family dealing with a catastrophic illness must deal with the emotional and financial stress of the disease itself. On top of this nearly intolerable burden, a family in foreclosure must also face the risk of losing their home.

Considering the devastating effects of foreclosure and the massive amount of Americans that are affected, one would imagine that the government and the lenders would provide better relief. Unfortunately we cannot wait for a bailout from the government or assistance from the lenders. This is why The Ticktin Law Group, P.A., is proudly fighting back against foreclosure and the negative impact it has on our lives, our families and our health.