Florida tops nation in foreclosure filings
A recent study has made it quite clear – Florida foreclosure filings are still the highest in the country. Specifically, 1 in every 372 Florida homes are the subject of a foreclosure filing, This statistic is troubling to a lot of Florida homeowners. With foreclosure filings on the rise, what will that do to property values? In the short term, many speculate that it can lead to abandoned homes, another foreclosure defense log jam, or “even worse” – short sales!
If you are one of the many homeowners worrying about housing values, have no fear. Short sales are not a new product on the real estate market. Many realtors, and foreclosure attorneys, are finding that short sales are actually going a long way to return property values to more natural standards in neighborhoods that may have experienced inflated values during the real estate boom.
Many individuals notice that foreclosure filings, for some reason, seem to come up in “hot spots” – some neighborhoods have higher foreclosure filing numbers than others that are within the same metropolitan area. This is puzzling to many homeowners – especially those living in areas that are surrounded by foreclosure filings but are seeing very few in their own , but shows a larger issue with values and lending.
This is the primary concern that I have as a foreclosure defense attorney. That the foreclosure filing epidemic in this state will not subside, due in large part to the bank’s greed during the time anyone could get a loan. It is important that if you are facing foreclosure, one of the estimated 20,000 homeowners, you understand what is at play in your foreclosure case.
It is also important to know that you are not alone. Many Florida home owners are in a similar position.If you are facing foreclosure, it is important that you understand your rights and what happened when the bank approved your loan. As I tell my clients: Do not ignore the lawsuit, do not avoid service, do not give up all hope. There are loss mitigation options out there that you may qualify for!