Overall foreclosure rate down in Florida despite October numbers

| Nov 20, 2019 | Foreclosure |

When discussing financial matters, Florida residents would likely agree that the average household typically experiences an ebb and flow of good times and bad regarding personal finances. Any number of issues, such as medical needs, loss of employment or even divorce can topple a person’s financial scales in a negative direction. Current data indicates there were foreclosure filings on more than 55,000 U.S. properties in the third quarter. 

October numbers were higher than the previous month for Florida residents. However, the overall rate of foreclosure throughout the country is reportedly still on a steady decline. Many analysts say it is common for numbers to rise in October because lenders try to push filings through before the holiday season arrives.

Nearly 1,500 properties in this state were foreclosed last month. This places Florida among other states that top the list of high rates of foreclosure. The good news is that there are often options, such as bankruptcy, that can help save a home or business by getting lenders to agree to alternate payment plans rather than call in a loan.

The mere thought of foreclosure is enough to cause high levels of stress. Some Florida homeowners make a serious mistake when they disregard notices that arrive in the mail or fail to contact lenders when they are having trouble meeting monthly mortgage payments. It is often the case that people having trouble paying a mortgage are also experiencing financial crisis in other areas as well. This is why it is a good idea to reach out for support by meeting with an experienced real estate attorney who is also well-versed in debt relief issues.

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