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Foreclosures in Florida have been a big problem since the Great Recession. While the nation as a whole is recovering from the foreclosure boom, Florida still tops the list of states with the most foreclosures with more than double the state in the number two slot.

According to the National Foreclosure Report, there were 553,000 homes in foreclosure in February 2015. Florida accounted for 110,000 completed foreclosures. Michigan was next on the list with 50,000 completed foreclosures. Texas, California and Georgia rounded out the top five states with the highest number completed of foreclosures in February. When added together, the top five states account for almost half of the completed foreclosures in the nation.

The good news is that nationally, the foreclosure rate is going down. From February 2014 to February 2015, there was a 1.9 percent drop in the number of foreclosures. The delinquency rate is now the lowest it has been since February 2008. The National Foreclosure Report noted that only around 4 percent of mortgages, totaling 1.5 million mortgages, are classified as seriously delinquent, meaning these mortgages are at least 90 days past due.

Homeowners who are behind on mortgage payments might have options available to them to help them stop the foreclosure. It is important for homeowners to explore their options as early as possible in the foreclosure process. Mortgage modifications and filing for bankruptcy are two possible options that homeowners might consider. Learning how each of the options available can affect the home and finances of the homeowner might help them the make an informed decision about how to proceed.