19 Million Americans Could Face Eviction and Foreclosure on January 1, 2021

The coronavirus pandemic has created enormous financial hardships for millions of Americans. The damage is widespread – workers are being laid off, furloughed, and paid lower wages in all industries. The federal government has worked to mitigate this financial damage. The CARES Act and Paycheck Protection Program provided immediate financial relief to millions of taxpayers and small business owners. Federal rules from the Federal Housing Administration and Centers for Disease Control have prevented many residential evictions and foreclosures throughout 2020. Unfortunately, these rules are set to expire on December 31.This means that a wave of evictions and foreclosures could devastate American families in early 2021.

According to CBS News , a study found that 6.7 million homes were at risk of eviction in 2021. This is an estimated 19 million Americans who could be without a home at a time when staying home is one of the most effective ways of slowing the spread of COVID-19. The problem could grow worse throughout 2021, as millions of Americans responding to a housing survey reported that they were relying on unsustainable methods of paying the rent. This includes credit cards, savings, borrowed funds, and other methods that are not guaranteed to outlast the pandemic.

And  Business Insider reports that 12 million Americans will abruptly lose employment benefits on December 26 because Congress has been unable to pass another stimulus package. This, too, will create a sudden surge in evictions and foreclosures that will exacerbate the overall problem.

 
So what can renters do in the face of all this financial pressure? You don’t have to face these challenges alone. The experienced Florida eviction foreclosure attorneys Quattrocchi and Torres can help you explore all legal options for staying in your home. Call 407.452.4918 or contact us online to schedule your free consultation. The sooner you get legal advice, the better options you will have to keep your family in your home in 2021.