Part of the aftermath of the housing crisis was a high number of homes stuck in the home foreclosure process across the country. Florida has had a high rate of home foreclosure filings and currently has more of what is referred to as “zombie” foreclosures compared to other states. Despite this fact, the numbers may still be a good sign for the economy and housing market in Florida.
Zombie foreclosures concern homes that have been abandoned, often for years. These homes can be seen as posing a problem for banks, as they are often in dire shape and very attractive aesthetically. While there were 36,000 zombie homes last month in Florida, that number was down from a year ago.
Zombie foreclosures are down all over the country. One analyst says those numbers, while still high, may actually be a good sign. Florida, like other states with a high number of zombie houses, has a home foreclosure process that can take years. These homes are finally moving through the system, and a resolution is evolving.
For those facing foreclosure or who have had to walk away from a home in Florida, getting back on stable financial footing may help tremendously as those families try to move forward. Part of moving forward may entail dealing with mounting debt or seeking a way to pay off debts while retaining a roof over their heads. Chapter 13 bankruptcy is one means of halting the home foreclosure process in order to implement a repayment plan for debts, including back mortgage debt.
Source: news4jax.com, “Florida leads nation in ‘zombie’ foreclosures”, Feb. 6, 2015