Florida mortgage lenders are often willing to agree to alternate plans when homeowners are having trouble meeting monthly payments on their mortgages. Any number of issues can spark serious and unexpected financial crises that impede a homeowner’s ability to keep up with mortgage payments. Lenders typically want to avoid foreclosure just as much as homeowners do because it requires a lot of paperwork and stress on their end.
The overall national rate of foreclosure has been in decline in the recent past. However, there are certain regions of the country, including several areas in this state, where an increase has occurred in lenders taking ownership of people’s homes. The Sarasota-Manatee area, for instance, has seen a 23% rise in foreclosure filings by the 2019 mid-year mark.
This percentage equates to approximately one in 327 homes out of nearly 1,300 households in the Sarasota-Manatee region. That is approximately 31% of the total number of homes in the area. No information was provided as to the specific details that may have prompted these foreclosure proceedings.
The threat of losing one’s home and having to relocate in understandably stressful. Many times, Florida homeowners simply need a little extra time or a restructuring of payment plans in order to get things back on track when finances get out of whack. Then, too, there are sometimes debt relief options, including bankruptcy, that can stay foreclosure proceedings, or help to avoid them altogether. An experienced real estate law attorney can help a concerned homeowner explore any and all options available to keep from losing his or her home.