Many Florida residents know the feeling of their heart sinking when they receive a foreclosure notice. In many cases, these residents have lived in their homes for years and cannot picture having to give it up. However, while receiving a foreclosure notice is surely a frustrating and stressful time, those receiving these in Florida should know they are certainly not alone.
According to RealtyTrac, a real estate analytics firm, there are two states in the country that are particularly hard hit by foreclosure activity. Florida is one of those states. California is the other.
And, while California cities used to lead the pack in terms of the highest number of foreclosures, in November Florida and California switched spots. Now, Florida cities make up the top seven spots for foreclosure activity. According to RealtyTrac, in November the Palm Beach-Melbourne-Titusville area was No. 1 in the nation for foreclosure activity.
So just what can Florida residents do when they receive a foreclosure filing notice?
The first thing to keep in mind is that a foreclosure notice does not necessarily mean a person is going to lose their home. In some cases, filing for bankruptcy can prevent a foreclosure, while in other cases it may be possible to receive a loan modification.
In general, when it comes to debt relief in Florida, an attorney with experience handling bankruptcies and loan modifications can help explain the different options and explore which option would be the most beneficial for a person or family’s individual circumstances.
Source: 89.3, “November home foreclosures: California and Florida switch places,” Matthew DeBord, Dec. 13, 2012