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Foreclosures Loom In Wake Of Hurricanes

It's been two months since Hurricane Irma blasted its way through Florida, laying waste to homes and businesses and sending property owners first into emergency shelters, and then temporary housing pending adequate home repairs.

An emergency time out

Soon, homeowners with mortgages on damaged properties may face another crisis: potential foreclosure. So far, according to reporting by CNN, mortgage lenders have extended months long grace periods, and Fannie Mae and Freddie Mac have allowed for a time out for up to a year for mortgage payments on damaged homes. But will this be enough time for homeowners to get back on their feet and do the necessary repairs before mortgage payments again come due? Only time will tell.

Getting paid, getting the work done

Even with the above grace periods in effect, homeowners may have a hard time finding available contractors to do the work. The scale of the damage in Florida means that contractors as well as materials are in short supply. And insurers often won't release funds to do the work until a contractor is lined up. Meanwhile, the clock keeps ticking.

Moving forward

Floridians whose properties have been damaged by Hurricane Irma have been through a lot, and for some there is no end in sight. Preventing foreclosure is a high priority, and so if you're concerned about whether your home may be headed in that direction, it can help to consult with a knowledgeable foreclosure defense attorney who can put your situation in perspective and protect your rights in a challenging situation.

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