Foreclosures increase in Florida for first time in 10 months

The increase could potentially be a sign that the market is not as stable as it appears.

The housing market in Florida was hit extremely hard in the last recession. Many homeowners saw the value of their homes decrease substantially when the economy collapsed, and they found themselves with mortgages for far more than their homes were worth. This caused many families to lose their property to foreclosure, leaving them trapped in a very difficult financial situation.

As the economy improved, the market in Florida began to rebound is well. Homes started to recover some of their value, and individuals were able to remain current with mortgage payments. Foreclosure rates stopped and things were starting to look good. However, a new report by Realty Trac shows that the housing market may not be as strong as originally anticipated, as foreclosure rates have increased for the first time in 10 months.

This is somewhat troubling, because the increase was unexpected. Analysts feel that it may be a one-time-only bump, but, Florida still has the highest foreclosure rates in the country. For families struggling to make ends meet, the value of a home is extremely important. Any drops in value could result in serious financial problems.

What you should do if you are facing the potential foreclosure of your home

You need to take immediate action the very moment you begin to experience financial challenges that threaten your ability to repay your mortgage. If you delay, there may be fewer options available to you to help you defend against the foreclosure.

Speak to an experienced foreclosure defense attorney to learn more about what you can do to save your home. Your attorney will be able to assess your situation and help you prepare a plan that allows you and your family to keep what is most important to you.

An attorney will be able to represent you in negotiations with your lender, which can provide you with the crucial time you need to regain control over your financial problems. Some of these mortgage companies may not want to deal with the foreclosure process, and be very willing to work with you to find a solution to your problems.

In the event that the company insists on proceeding with the foreclosure, your attorney will be able to assist you with the steps that you can take to protect your interests. In some situations, you may be eligible to file for bankruptcy, which could bring an end to these proceedings while the bankruptcy is ongoing.

You need to know that there are options available to you at this time. While this may seem like an impossible situation, you can get the help you need. To learn more about the options that are available in your case, contact us today for a free consultation.