According to a recent report, Florida is tops in the nation. However, in this report, first place was not the ranking Floridians would have chosen for their state. In the past year, Florida led the nation in home foreclosure activity. Studies show that 12 percent of all foreclosures completed in the country occurred in Florida. While Florida had the highest level, the number of foreclosures actually declined in the last 12 months.
Foreclosure activity is declining nationally as well. Experts attribute this trend in part to steady growth in home prices. This appreciation in home prices has increased the amount of equity owners have in their homes. This has resulted in more stable financial positions for homeowners and, subsequently, fewer defaults in their mortgages.
Another positive trend cited in the report is that mortgages in serious delinquency have declined in the past year. A serious delinquency is a loan 90 days or more past due, in foreclosure, or seized by lenders. This delinquency rate is the lowest it has been nationally since August 2007.
Though home foreclosure activity throughout the country is declining, many Florida residents may find themselves facing the loss of their homes. Some homeowners seek loan modifications to allow them to keep their homes. Filing for bankruptcy is another option to help avoid home foreclosure. Individuals or families facing foreclosure often seek counsel from an experienced attorney familiar with bankruptcy laws. A legal team can provide much-needed support and guidance through a difficult time and help homeowners find solutions to their financial difficulties.
Source: heraldtribune.com, “Florida still leads U.S. in foreclosures“, John Hielscher, Jan. 10, 2017