If you have recently had a change in your financial circumstances--perhaps you lost your job, received a pay cut, or have taken on additional costs--the mortgage that has been affordable over the past decade may no longer be feasible. You may be concerned that because your mortgage exceeds your income, you will soon be on the path to losing your home. Without taking any additional action, foreclosure could soon be on the horizon. However, there are a number of actions that you can take before getting to this point, including refinancing your home.

What Is Refinancing?

Refinancing your home means replacing your current home loan with a new one. There are a number of benefits that refinancing has to offer, such as reducing your interest rate, cutting monthly payments, or tapping into your home’s equity when needed. Refinancing can also allow you to pay off your loan quicker or switch from an adjustable-rate to a fixed-rate loan. Refinancing your home may seem like the perfect solution to your financial difficulties; however, there are certain requirements that must be met in order to qualify.

As we enter into the new year with a vaccine being distributed on a national level, many are wondering how much longer the pandemic-induced restrictions will be enforced. The impact of COVID-19 on the United States began to surface in March 2020—coming up on almost one year ago to the date. Renters and landlords have been hit especially hard as the financial constraints of this unprecedented year left both parties underpaid. Florida Governor Ron DeSantis recognized this financial crisis and enacted the state’s first delay in evictions, also known as a moratorium, in April 2020. Since then, this state moratorium has expired and transitioned into a national eviction moratorium set to expire at the end of January. Despite keeping a roof over Americans’ heads, both renters and landlords have criticized this tactic, and are wondering what will happen when the moratorium is finally lifted.

Federal Rent Assistance Money

In the last few days of 2020, the federal government passed a national stimulus package, which includes $25 billion in emergency rental assistance. Even though the funds have been approved by the government, many are wondering when and how this financial assistance will make it into the hands of renters and landlords. The exact timeline of the distribution is unclear, though Gov. DeSantis said the state expects to administer over $850 million in a news release earlier this month. The distribution of these federal stimulus funds must be completed by January 26, according to the details of the law signed by President Trump. DeSantis expects the federal government to provide the money to participating local governments in the coming weeks, after which renters will need to go through an application process on county, city, and state government websites to obtain financial assistance. According to the National Low Income Housing Coalition, Florida is expected to receive $1.4 billion of the nation’s emergency rental assistance.

The thought of buying a home may seem like an endeavor that is far in the future. Maybe you are waiting until you have a family, or perhaps you do not think that you are financially stable enough to make such a large purchase. While both of these are valid reasons to hold off on purchasing a home, many are unaware of the benefits that buying a home, rather than renting, has to offer. Aside from having a place to call your own, purchasing a house also provides several tax benefits and the ability to grow equity.

The Continuous Increase in Rent

Rent prices have increased at a fast rate throughout the United States, regardless of the state in which you reside. According to research from the Urban Institute, rent in many markets has grown exponentially compared to median incomes. In other words, your rent will continue to rise while your paycheck will likely remain stagnant. In many areas, monthly mortgage costs are comparable or even cheaper than monthly rent.

Buying a home is a lifelong goal that many Americans look forward to reaching one day. Whether you are single and interested in settling down, or you are married and on the brink of starting a family, purchasing a home is an exciting, yet expensive endeavor. When looking for a new place to call home, it can be easy to get hooked on the included accommodations and overall look of the house. Finding the right location, proper layout, and design style in one home can take time, but once you do find the right one, you may feel a huge sense of relief. Unfortunately, the bumps that go along with the home purchasing process do not stop at aesthetics. In fact, the paperwork behind the purchase can sometimes lead to more headaches than the real estate search itself. 

Property Title Problems

The property title, also known as the deed, is the most important thing that buyers should pay close attention to. The details held within the property title will give you a clear understanding of what you are getting yourself into. In order to avoid facing the following ownership difficulties down the road, it is important to work with an attorney who is well-versed in the following:

Buying a house is likely one of the most expensive and meaningful purchases that you will make in your lifetime. Whether this is your first home buying experience or your fifth, it is important that you have a legal expert by your side to guide you through the process. Florida law does not require the purchasing or selling parties to hire a real estate attorney, though it is always advisable to do so. Not only can this save you time and money, but a reputable real estate lawyer will confirm that the terms outlined in these complex contracts do indeed match your stated agreement to the seller. If you are considering purchasing a home, our Broward County real estate attorney can guide you through the below steps. 

The Purchase and Sale Agreement

One of the first documents in the buying process, the purchase and sale agreement determines the terms of your purchase—and the enclosed details may not be adjusted or avoided later in the process. For this reason, it is important to hire an attorney before signing any legal documents. Florida law requires judges to treat you as if you read every word of a document before you signed it. In other words, if you skipped a few lines and missed key details, the judge will likely still enforce the terms of the agreement.

Since COVID-19 shut down the U.S. economy in March of 2020, the state and federal governments have been trying to pick up the pieces. The virus’s high rate of contagion forced businesses to close their doors and citizens to remain in their households. For some businesses, this meant working remotely for the time being, while others were hit especially hard and have had to make difficult decisions regarding layoffs, furloughs, and even closing their doors for good. Without a steady income, Americans everywhere have struggled to make ends meet, especially when it comes to paying costly rent and mortgage bills.

Flash-forward six months later and legislation is continuing to be made to avoid mass homelessness across the country. Florida has seen an exceedingly high number of positive cases and the state has closed and reopened a few times since March. With 623,471 positive cases and 11,331 deaths in Florida alone at the time of this writing, Governor DeSantis has recognized and addressed Floridians’ financial difficulties in the midst of the pandemic. Foreclosures and evictions are on the horizon for many Floridians, but Gov. DeSantis continues to put off the inevitable for many.