Foreclosures continue to be high in Florida. In fact, being the state with the highest foreclosure rate in 2012, it is estimated that one out of every 32 households in the state received a default notice, auction or repossession last year. This is more than double the national average for foreclosure activity.
There are multiple reasons why Florida is ranking No. 1 in the country for foreclosures. There were the bad loans — which hit residents all over the country — combined with a frenzied approach to build, build and build. However, when the economy took a dive and the housing market crashed, Florida ended up getting hit among the hardest.
And now the problem continues on, as the foreclosure process for many can take several years. This combined with the fact that foreclosures are still trickling into the courts means there is a serious backlog in terms of finalizing these foreclosures.
For some Florida homeowners this is actually a good thing. This is because in Florida homeowners are entitled to a judicial review. This results in many homeowners having more time to fix their financial situation and keep their homes. The review also helps to protect the homeowner from unfair practices.
This is very important considering that many facing foreclosure are behind on their bills due to issues outside of their control, like job loss or an unexpected medical situation.
Regardless of the situation, those homeowners who are struggling and are living in fear of foreclosure should not wait until their situation worsens. Instead, contact an attorney with experience working with Florida homeowners who are in debt to see what the best course of action is to take.
Source: WUSF, “Florida Foreclosure Rate Highest in U.S.,” Robin Sussingham, Jan. 31, 2013