For some people, delinquent mortgage payments lead to foreclosure. While the foreclosure process is often difficult to navigate, there are methods that might make it possible to keep your home. Mortgage modification is one of those methods. Orlando residents might be interested to learn that the foreclosure inventory in the city is falling.
The latest report shows that the foreclosure inventory in Orlando is down 3.7 percentage points from last year. As of October, the foreclosure inventory in the area is a low 7.1 percent. In the 12 months ending in October, there were 12,090 foreclosures completed in the Orlando-Kissimmee-Sanford area, which is less than 10 percent of the total number of foreclosures in the state for that same period.
Overall, Florida still leads the nation in the number of foreclosures with 115,000. That figure is more than double the figure of 50,000 foreclosures in Michigan, which is the number two state on the list.
As the number of completed foreclosures in the Orlando area drops, the housing market in the area is said to be strengthening. This is also said to be a sign of an overall improving economy.
Situations leading to foreclosure vary as much as the available methods to try to stop foreclosure. There are government programs available to help struggling homeowners, as well as new ways to work with lenders to get additional time to pay. For anyone facing foreclosure, getting advice from an experienced Orlando legal professional might be helpful to find the best option, such as a loan modification, to avoid losing your home to a completed foreclosure.
Orlando Business Journal, “Orlando’s foreclosure inventory falls 3.7% in October” Megan Ribbins, Dec. 09, 2013