As we have mentioned in previous posts, Florida has one of the highest rates of foreclosures in the country. In recent months the total overall number of foreclosures has been down. While on its face this seemed like a good thing, it is most likely due to the moratorium several banks put in place on filing new foreclosures in light of the robo-signing scandal that rocked the nation. This lull may now be coming to an end.
According to RealtyTrac, in October there was a 7 percent increase in the number of foreclosure filings compared to the previous month. The total number reported was 230,678. Florida was one of five states that made up 53 percent of the nation’s total foreclosures. While foreclosures were on the rise this past month, the overall number is 31 percent lower than year-earlier levels.
RealtyTrac also reported numbers on homes throughout the nation that had an auction scheduled, had received a notice of default or had the bank file for repossession during October. The company determined that for every 563 homes in the U.S., one home is dealing with an issue listed above.
As the number of foreclosures in the U.S. start to rise, it is important that those who are facing it realize that it may not be their only option. In some instances, filing for Chapter 13 bankruptcy may enable a homeowner in the midst of financial difficulty to keep their house. Another option may be to seek a modification of your home loan. Because these can be complicated procedures, it is important to work with an attorney who handles these kinds of cases.
Source: CNN, “Foreclosures on the rise again,” Chris Isidore, Nov. 10, 2011