Owning a home in Florida is a goal of many. In addition the beautiful, coastal climate, the state offers many other amenities that make it a prime real estate location. There is typically a downside to even the most desirable property locations. An issue that might concern current homeowners in this state has to do with foreclosure.
More people are losing homes to foreclosure in Florida than in all other states except two. In May 2018, one out of every 1,200 homes in this state had a foreclosure filed. This year, the numbers have been even higher. There are numerous opinions as to what might be causing the steady increase.
Despite the current trend regarding financial problems for homeowners in this state, there continues to be a steady influx of newcomers to the area. Some analysts say that part of the problem is that state wages have not increased in years. Insurance and tax rates have gone up, however, which may be one of numerous reasons homeowners have been having trouble keeping up with mortgage payments.
Another common issue for many Florida homeowners is that they purchase homes they think they can afford at the time, then later encounter financial challenges that make it difficult to retain ownership. Hurricanes and other extraneous issues have sparked unemployment problems and other challenges among the general population, especially in the northern part of the state. Anyone who is currently struggling to save a home from foreclosure will want to rely on experienced legal guidance and support rather than try to resolve such problems alone.