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Orlando foreclosure rate number 2 in the nation for June

The number of homes being foreclosed around the country in June dropped approximately 16 percent from the same time last year. In Florida, the drop was 13 percent, which keeps the Sunshine State in the number one spot nationwide. The state's percentage is lower than the national average, partly due to the fact that foreclosure filings in Orlando were up nearly 20 percent in the same period. Lenders sent out 2,663 notices to homeowners in the area in June.

This makes Orlando the number two city in the country for foreclosures. Being number two in the nation means that, for about every 353 homeowners in Orlando, one received a notice from a lender that he or she may lose his or her home. The majority of the mortgages lenders are foreclosing originated between 2005 and 2007. Fortunately, just 6 percent of the filings in June were related to mortgages originated over the last three years.

Even as the national housing market improves, areas like Orlando continue to suffer backlash from the collapse of the housing market. Where other areas are hopeful that things are improving and the economy is recovering, many homeowners are not yet able to be optimistic. For many people, there is no discernible end to the housing crisis.

For homeowners who are facing foreclosure, filing for bankruptcy could provide another chance to save their homes. In the alternative, homeowners can file bankruptcy in order to walk away and leave both their distressed home and their mortgages behind. Either way, bankruptcy halts foreclosure proceedings -- at least temporarily -- and provides homeowners with the time and space they need in order to make important decisions regarding their home and finances.

Source: orlandosentinel.com, "Foreclosures fall in Sunshine State -- except in Central Florida", Mary Shanklin, July 17, 2014

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