When it comes to foreclosure, it is no secret that Florida has had more than its fair share of difficulties. It seems as though those troubles haven’t quite gone away yet. Florida is still one of the states at the top of the foreclosure list.
While some people are enjoying an improving economy, the truth is that around 550,000 homeowners in the state are at least 90 days delinquent on their mortgage. Currently, there are more than 300,000 cases open for foreclosure in Florida. All of that combines to show that Florida isn’t over the foreclosure crisis yet.
The story doesn’t end there. Sadly, there are some people who are facing the end of interest-only mortgages that might soon find themselves having to make mortgage payments that are too high. Only time will tell what happens to those mortgages.
Some areas in Florida are seeing some construction activity, but that might work against people who are hoping to purchase a home. While it isn’t likely that home prices will begin to climb into the over-priced category within the next six months or so, the investment activity might signal an uptick in prices.
If you are a homeowner who is falling behind on your mortgage payments or one who is facing the impending end of an interest only mortgage, you might have options available to help you stay in your home. Whether you are exploring the possibility of filing for bankruptcy or looking at the possibility of a mortgage modification, it is important that you know your rights. It is equally as important that you understand how your choice can affect you.
Source: HousingWire, “Florida’s foreclosure crisis far from over” Brena Swanson, Jan. 05, 2015