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Home foreclosure rates dropping

Florida has an elaborate foreclosure process compared to most other states, and it currently has some of the highest rates of foreclosure. However, the good news is that the number of foreclosures nationwide has dropped to the lowest level since 2009 and has declined nearly 20 percent since a year ago. According to a spokesman for LPS Applied Analytics, most new loans are high-quality, meaning that fewer new mortgages will end in a foreclosure.

Still, in spite of these encouraging statistics, many homeowners are still going through the difficult process of foreclosure and running into obstacles when trying to refinance their homes. For this reason, state legislators are being called on to help reduce the number of unnecessary foreclosures and protect homeowners as much as possible. In spite of programs like the National Mortgage Settlement, many homeowners are at the mercy of mortgage providers that are not being sufficiently regulated by the states.

To help reduce the number of preventable foreclosures, experts are suggesting regulations that include preventing services from foreclosing while a homeowner is being reviewed for a loan modification. Homeowners should also have the ability to stop a foreclosure if it is discovered that a lender is not following the law, and there should also be a clear set of regulations and timelines that lenders are required to follow throughout the process.

If someone is going through a foreclosure, he or she may want to speak with a lawyer. A lawyer could help the person understand his or her rights and help ensure that banks are fulfilling their legal obligations.

Source: The Final Call, “Hopeful news and help to prevent home foreclosures.“, Nisa Islam Muhammad, May 02, 2013

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