As the economy continues to improve, more people are finding jobs and the financial stability they need to stay in their homes and avoid or stave off foreclosure. The trend towards upward mobility in the economy has recently been noted in the latest home foreclosure rates reported. However for Florida homeowners, the news is mixed.
According to national statistics, home foreclosure rates have declined around the country in the last year. Reasons for the drop in home foreclosure rates center on the fact that newer mortgages for those with good credit are making up for years of bad mortgage issuances. Also, people are able to refinance or modify loans more now and in turn, avoid foreclosure altogether as they now have better options for staying in their homes.
For Florida homeowners, there is still a sharp rise in the number of people who are late paying their mortgage each month. Florida’s overall home foreclosure rate is also much higher than the national rate. Of those who are delinquent in payments in Florida, 62 percent of those are behind in payments by a year or more.
While no one wants to deal with the possibility of home foreclosure, it still happens for too often in Florida. Despite the frequency or statistical outlook, there are options to help families either avoid or successfully navigate the foreclosure process with the least amount of damage to their credit or financial future. Knowing the ins and outs of these options can help families the best course of action.
Source: Source: marketwatch.com, “U.S. foreclosures drop 27% over past year, CoreLogic says,” July 9, 2013