It is no secret by now that foreclosures are affecting many families in Florida. While Florida is known as one of the top vacation spots in the country and the home of a world renowned amusement park, the state also holds the distinction of being one of the top states for foreclosures. While the number of families facing foreclosure is down, late mortgage payments are still plaguing one out of every 10 homeowners in the Sunshine State.
According to Black Knight Financial Services mortgage data for July of this year, Florida tops the list for the number of delinquencies and foreclosures. For the purpose of the report, a delinquency is classified as being at least 30 days past due on a mortgage payment.
The good news is that the foreclosure rate is down overall for the third consecutive month. Astoundingly, the number of foreclosures nationwide is down 20 percent when compared to July of last year. That decrease also places the national foreclosure rate at the lowest it has been since 2008.
While this is good news for most homeowners, it doesn’t bring much comfort to those who are still facing foreclosure. For those homeowners, finding a way to stop foreclosure is likely a priority. If they choose to act fast, they might have legal ways to stop the foreclosure proceedings so they can keep their home.
Because foreclosure is such a complex legal matter, it is essential for those who are facing this life-altering prospect to ensure they understand their rights. They should also make sure they make a decision about how to handle the situation that they are prepared to live with for life.
Source: Jacksonville Business Journal, “Foreclosures down overall but 1 in 10 homeowners in Florida is late on mortgage payments” Colleen Michele Jones, Aug. 26, 2014