A recent report from a nonprofit credit ratings agency found that one out of every seven homeowners in Broward, Palm Beach, and Miami-Dade counties was late on their mortgage payment in the past quarter. This statistic along with others make South Florida rank fourth from the top for financially distressed metro areas in the United States.
Most Orlando residents don’t need a study from a credit reporting company to tell them that times are tough. The housing market is just one element of the lagging economy making it difficult for Florida homeowners to stay current on their mortgages while meeting all of their other financial obligations.
Luckily the foreclosure rate has gone down during the first part of 2013, which means that things may be getting better slowly in some parts of the state. Unemployment has also gone down in the state of Florida overall.
Unfortunately overall indicators still show that Orlando is struggling more than other metro areas in 2013, although South Florida residents are not falling behind because of lack of trying to catch up. This part of the state is on par with the national average for budget management and overall net worth, indicating that individual efforts towards recovery are well underway.
There are a variety of options available for homeowners who are struggling to make mortgage payments or who have chosen to keep up with their mortgage while neglecting other debt or necessary payments. Some of these options include allowing a home to go into foreclosure or proceeding with a short sale to settle the debt with the bank. For families who want to try to stay in their homes, bankruptcy is another option that can provide relief from overwhelming debt.
Source: Orlando Sentinal, “S. Florida’s housing woes make us one of the most distressed metro areas,” Donna Gehrke-White, May 14, 2013.