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Foreclosure Trends for 2022 and the Impact if You’re Facing Foreclosure

If you’re a homeowner facing foreclosure I’m here to help. Don’t feel like your world’s falling apart.

Call me for advice and guidance, and I’ll help you move through the process in a way that meets your goals and objectives. I want you to know what’s happening so you can make informed decisions.

Knowing the Market

What’s happening in the foreclosure market?

It may sound grim because foreclosures are on the rise, but honestly, they’re trending toward expected rates since foreclosure moratorium programs are ending. The Motley Fool gives a good perspective in the article Foreclosures are Up 700%. Is This a Red Flag for the Housing Market?

Today's foreclosure starts, while much higher than recent past, are still below pre-pandemic levels -- by a lot. In 2021, there were a total of 151,153 foreclosure filings for the entire year, which was 69% less than pre-pandemic levels in 2019.

This is helpful to know because the housing market isn’t necessarily in distress. If it were, then the equity in homes would be dropping and that would complicate issues to resolving your foreclosure needs.

Now let’s look at another related part of the housing market—evictions of renters. I’m in the Tampa area so I’ll address some stats that are intriguing.

Eviction filings in Tampa—Hilllsborough and Pinellas Counties, FL—fell sharply during the early months of the pandemic, according to the Eviction Lab of Princeton University and since 2021 they’ve been rising steadily.

Eviction Lab notes that they’re not spread out evenly in the metro area but instead about 1 out of 5 come from the top 100 buildings.

Knowing Your Situation

Your situation is what’s most important to you and I’ll gladly take the time to understand and listen so we can help you chart a path forward.

Some of the things to understand are:

What do your income and expenses look like in the coming months?

How much equity do you currently have in your home?

Have you spoken with your lender?

Breaking it Down

The higher your expenses and the less equity in your home, then the more challenging it’ll be to recover in your current situation.

The more equity in your home then the more leverage you have to negotiate with lenders. This is key.

Negotiating is a strength of mine based on more than 30 years in the real estate industry which includes working with properties internationally, personally owning a home, and working with investors.

Don’t stress by trying to communicate with lenders who are only concerned about their bottom line. I’ll be able to handle them.

I’m also passionate that people understand how to live as affordably as possible so they’re not saddled by debt and expensive home repairs or maintenance costs.

I wrote an easy-to-read Guide to Buying Land to show you different options.

Please contact me and let me know your needs so we can discuss your situation. Let’s see how I can help.

In the meantime, you’ll find these posts helpful:


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