Checking the mail only to find a foreclosure notice in it is a disheartening and often frightening, experience. For some Florida homeowners, that situation is a sad reality. In some cases, the homeowner might try to find a loan modification or other avenue to stop foreclosure. For some, finding a suitable option doesn’t happen easily, and the foreclosure process seems to move forward without relenting. While the average foreclosure in Florida takes approximately 929 days to complete, that pace might be picking up.
Part of the reason why the pace seems to be moving faster to get foreclosures completed is that banks and mortgage holders are sending more properties to auction to sell them quickly. This trend started last July. As lenders are getting more comfortable putting homes on the market, the auction trend is rising.
Lenders aren’t sure how long the favorable conditions of the housing market will last, so some are pushing homes through the foreclosure process as quickly as possible to try to get the inventory down. In some places, this also helps them to get rid of properties that are costing them money for upkeep.
Another reason why the foreclosure process is likely taking less time in Florida is that “fast-track” legislation designed to speed up the process has come into effect. One analyst says that the increased speed is because of a realization that some problems will only be taken care of through foreclosure.
If you find out that your home is entering the foreclosure process, trying to stop the foreclosure process is likely at the top of your list. Working with an experienced Florida attorney who has worked with foreclosures in the past might help you to understand your options and rights regarding the process.
Source: CNBC.com, “Housing recovery sparks pickup in home seizures” John Schoen, Jan. 03, 2014