Your pending foreclosure is a tenuous situation, and it is one that numerous Americans are experiencing. According to a report from RealtyTrac, there were 126,868 foreclosure filings in May of this year. That number reflects a 16 percent increase over last year’s numbers.
Florida foreclosure rates signal cautious optimism
While the housing market crash affected individual Florida homeowners on different levels, the recession had a huge impact on the state collectively. Countless homeowners were confronted with serious financial challenges, and thousands were forced into foreclosure. In 2015, many Florida residents are still dealing with unstable mortgage conditions; however, there is evidence to suggest that foreclosure rates are finally on the decline.
How does foreclosure affect your credit score?
While many financial experts would agree that foreclosing upon your home should never be your first choice for confronting financial challenges, it is a responsible and viable option in many cases. Still, foreclosure can have real and long-term effects on your credit score and borrowing potential. Understanding how foreclosure may impact your credit report is an important aspect of making an informed decision on whether or not pursuing foreclosure is the best option for you and your family.
What does foreclosure fraud look like?
If you and your family are facing serious financial difficulties, you may be facing the unfortunate prospect of foreclosure. Hundreds of homeowners across Miami and other parts of Florida are foreclosed upon every year, and many do all that they can to delay or stop the process altogether. Sadly, some of those homeowners become the victims of foreclosure fraud. That is why it is so important to be aware of the issue, as well as be familiar with some of the tactics of foreclosure scam artists.
Understanding and preventing foreclosure
There are countless circumstances under which Miami residents can find themselves confronted by serious financial difficulties and the unfortunate prospect of foreclosure. For many, being issued a foreclosure notice by a mortgage lender seems like a final decision. It is important to keep in mind, however, that there are instances where foreclosure can be avoided and/or proven to be unnecessary. The attorneys at Cuevas, Garcia & Torres, P.A., are committed to upholding the rights of homeowners by defending against foreclosure proceedings whenever possible.
Could filing for bankruptcy save me from foreclosure?
Being confronted by the prospect of foreclosure can be incredibly troubling, as you have probably been dealing with financial challenges and struggling to pay your mortgage for some time. Foreclosure often seems like a final decision, which provides you as a borrower with few options for any kind of debt relief. Fortunately, though, there are options for keeping your home even after you have been served a foreclosure notice by your mortgage lender.
Recent report sheds light on state of Florida foreclosures
Despite the fact that state and national news sources are beginning to regularly report on signs of economic improvement, many Florida residents continue to live under the burden of debt. Countless families are still living paycheck to paycheck, and a considerable percentage of people are still feeling the effects of the recession and housing bubble bust. Bankruptcy and foreclosure rates reflect the financial challenges that a huge number of families are confronted by on a day-to-day basis. Beyond that, they can serve as a sobering reminder that national figures do not always reflect the realities faced by individual states.
South Florida escapes #1 foreclosure filings spot
There is some semi-good news to report about the continued foreclosure crisis in Florida. South Florida is no longer the number-one metropolitan area for foreclosure filings, according to recent data. It is now in third place, still quite high but an improvement nonetheless.
Florida #1 in foreclosure, but new filings dropping
Foreclosure remains a big problem in Florida. The state had the highest rate of foreclosure in the country last year at 2.3 percent. Four of the five urban hardest hit by foreclosure in 2014 were in Florida: Miami, Orlando, Tampa and Space Coast. Only Atlantic City, New Jersey had a higher percentage of properties in foreclosure.
