A home is a big investment and many people in the Miami-Dade area often put everything they have into buying one. However, unexpected medical bills, maintenance costs or a job loss could put that dream in jeopardy. If people are unable to make their mortgage, the bank has the legal right to foreclose on the property.
When homeowners are notified that their homes are being foreclosed on, the property becomes what is referred to as foreclosure inventory. In December 2014, the number of homes in this category equaled 568,000 across the country. However, in December 2015 that count decreased to 433,000. In Florida, the rate of homes in foreclosure was measured at 2.3 percent. While this seems relatively lower, the state ranked No. 4 in the states with the highest rates and No. 5 when the District of Columbia was included.
Additionally, the percent of Florida homes where mortgages are considered seriously delinquent is at 5.2. The reasons for the higher rate were not discussed so it is unknown whether people are still trying to recover from the economic crisis that occurred in 2008 or if other factors are playing a role. The state’s foreclosure inventory went down by 41,000 in the previous year but it is uncertain whether those homes in delinquency could cause it to rise again if banks take action.
For homeowners who are in trouble with their mortgage, there may be other options out there that can help them gain control. Therefore, it may be of benefit to them to sit down with an experienced real estate attorney and talk about their situation.
Source: Herald-Tribune, “Florida’s dramatic decline in foreclosures continues,” Feb. 9, 2016