As the nation continues to heal from the financial issues faced by residents throughout the nation, individuals living in Florida, some in the Miami area, are still dealing with economic setbacks. This was made apparent in the recent release of statistics regarding the number of foreclosures in the state. According to RealtyTrac, Florida ranks number one when it comes to the number of foreclosures occurring.
While foreclosure actions are taking place throughout the state, many of them are occurring in Miami. It records the second highest number of filings in the state, reportedly one in every 228 houses. Individuals who find themselves in this situation may not be aware that options to save their house may be available.
The available courses of action are dependent on the specifics surrounding each homeowner’s situation. It is possible that a home may be retained through a modification of the mortgage. In other circumstances, actions such as Chapter 7 or Chapter 13 bankruptcy can provide the same result.
When it is not possible for a homeowner to keep a house, there may be other courses of action that will leave them in a better financial position than they would be in if they allowed the foreclosure to complete. These options include pursing a short sale or defaulting on the mortgage on purpose.
Whatever the homeowner’s situation, to save one’s home it is important to take action in a timely fashion. This is usually best accomplished by consulting a lawyer who regularly handles such matters. The failure to do so could result in it being impossible to prevent.
Source: Bradenton Herald, “Florida tops nation in foreclosures with double the national average,” Feb. 14, 2013
- Our South Florida law firm handles matters relating to financial difficulties, including the loss of one’s house. Please visit our Miami foreclosure defense page if you would like to learn more.