Realizing that you simply cannot afford to keep up with mortgage payments is hard. There's the worry of just what is going to happen and where you are going to live, and for some, a certain amount of shame realizing that you may end up losing your home.
For those residents living in Florida, they should know they are certainly not alone. In fact, Florida ranks No. 2 in the country when it comes to foreclosures. Nationwide there were 795,000 homes lost to foreclosure between July 2011 and July 2012. During that time, 90,046 were homes in Florida.
Florida was also one of five states in the country where there is a concentration of foreclosures. In fact, the five states of Florida, California, Georgia, Texas and Michigan make up nearly 50 percent of all of the completed foreclosures in the U.S.
Fortunately, for those homeowners who are struggling, there are often options available to try and save a home. Some owners go the route of a short sale, which is when the lender allows the home to be sold for less than the amount owed on it. However, in other situations homeowners qualify for a loan modification, which reduces the overall monthly mortgage payments to something that is more affordable given an owner's current financial situation.
But yet, other times owners look at their entire debt picture and realize that if they filed for bankruptcy to discharge debts -- or came up with a manageable payment plan for their debts -- they'd be able to make their mortgage payments.
Source: Phoenix Business Journal, "Arizona, U.S. foreclosure numbers continue to fall," Kristina Hansen, Aug. 28, 2012
Our firm can go into more detail and explain all of the different debt relief options that may be available in order to avoid a foreclosure. To learn more, please visit our Orlando short sales/deed in lieu/foreclosure page.