Florida Foreclosures Are Still On The Rise And
The Forecast Remains Stormy For The Sunshine State
The Florida dream is rapidly becoming a nightmare for tens of thousands of state residents. According to the popular press Florida foreclosures are still showing an alarming upward trend (Florida is ranked only behind California in total properties in foreclosure) with little relief in sight in the near or distant future. Lenders, financial experts, and homeowners alike are worried with the high Florida foreclosure rate and its impact on the local real estate market conditions.
According to a recent RealtyTrac report the number of Florida homes in foreclosure is up 77 percent as compared to the same time period last year. For example the numbers of foreclosures in Miami-Dade and Broward County which are located on the Florida's southeast coast have tripled during the first six months of the year, according to data from the counties. Many other Florida counties are reporting more homes going into foreclosure than ones being sold. An alarming trend certainly, and the general opinion amongst realtors and financial experts is it may get far worse before any reversal in this trend is seen. No one can pinpoint the timing for this much anticipated turn-around, but the consensus believes it may be years ahead.
What is the impetus driving all this? Several factors are behind the surge that is currently fueling the growing number of Florida foreclosures; a dramatic increase in property taxes, skyrocketing insurance costs, and would-be investors being forced to walk away from properties for which they have no buyers and no means of making the mortgage payments. In Miami-Dade County, one of the largest metropolitan areas in the state, during the first six months of 2007 many lenders were forced to start legal proceedings in order to repossess some 10,519 properties in Miami-Dade County, as reported by the County Clerk.
Florida Foreclosure Facts
As with other states Florida foreclosures are lawful proceedings where lenders file with the county court in an appeal to repossess real estate property due to the owner's inability to conform to the contract between the lender and borrower known as "mortgage" or "deed of trust.
Under Chapter 702 of the Florida Statutes a lender has the right to seek foreclosure for a judicial sale of a borrower's residence that is in default on a mortgage. This may occur once the loan is 30-days in arrears. Although not routinely utilized there is a quirk in the Florida law that allows the lender to start the foreclosure process without notifying the borrower of their intent to proceed. An unprepared homeowner could be blindsided by this especially since they have as little as six months to stop the foreclosure. There is some relief for the Florida homeowner. A borrower can stop foreclosure right up to the date of the sale by paying the total amount owed to the lender.
Right now the news isn't good coming out of Florida. Adding to the misery is that neither the state nor federal government seems willing to offer any relief to distressed homeowners trying to avoid foreclosure. It is my belief that one day this situation will correct itself, but in the meantime the best plan may be to lay low, decrease your expenses, increase your cash flow, and weather this thing out.
Victim or Victor – the Choice is YoursYou could lose everything or you could come out of this with more than you ever thought possible. It all rides on your decision to contact us. The sooner you do that, the better the outcome. Get started and stop foreclosure now by answering a few questions for us . To Talk to Someone Now Call: 1-888-I-SAVE-80 There's no obligation. In fact the initial consultation is FREE. And that may be all you'll need to stop the foreclosure for good. Learn What You Can Do To Avoid Or Stop Foreclosure |