Florida Foreclosure Rates Top the Nation in 2016 - How can Fernandez Law Group help me with my Foreclosure?
It comes as no surprise that the Sunshine State is still struggling with an incredible amount of foreclosures, especially with the turmoil still unfolding in the economy.
However what may surprise you is the fact that as of August 2016, Florida still holds the title of the state with the highest foreclosure rate in the nation since 2012 after surpassing Nevada, who held the title for five years in a row.
Research and statistics provided by RealtyTrac show that Florida has seen an average of 1 in 72 homes facing foreclosure going back to 2014 with nearly 121,000 homes facing some type of foreclosure action. And 1 in 372 Florida residences got some type of foreclosure related filing or late notice in February.
Although the number of foreclosures in Florida are much lower than they were in 2012 when 1 in 32 homes were facing foreclosure and nearly 280,000 homes faced some type of foreclosure action, we have now begun to see a steady increase in the number of clients who are in need of defense against deficiency judgment lawsuits. This is due to a recent change in Florida law that only gives banks and collection agencies one year to file a deficiency claim.
Part of the previous uprise in Florida foreclosures was attributed to the temporary freeze related to the robo-signing scandal that took place prior to 2011. Since then, the amount of foreclosure filings increased by over 50% beginning back in 2011. After the settlement between five major banks and 49 state attorney generals, guidelines on how lenders can process foreclosures are much more clear.
There are a number of backlogs and faulty bank filings that have drawn out and stalled or delayed foreclosures over the years. The average time for a foreclosure process in Florida once took about 28 months to complete - whereas in 2007 the same proceedings took just 7 months! In 2014, the amount of time it takes for a foreclosure to complete has dropped down to about a year.
In the Tampa Bay area, the foreclosure rate rose from the 2011 figure of 1.8 percent up to 3.2 percent in 2012. This was well below the 2010 peak where 4.9 percent of Florida homes faced foreclosure, and it appears as if the numbers are continuing to drop in 2014. In fact, foreclosure filings in Florida dropped year over year for the 12th consecutive month. However, Tampa currently holds the second highest metro area foreclosure rate in Florida.
Investors and buyers have been pushing to get foreclosures moved through the process a lot faster in order to make homes available for new owners to make repairs on, sell or rent. While home and condo prices are posting gains, realtors are also insistent that they don't expect the flow of distressed properties to derail the housing recovery in Florida. However, the average home buyer is finding it increasingly difficult to have a shot at these properties as there is an abundance of investors waiting at the courthouse to buy the properties as they become available.
How can the Fernandez Law Group help me with my foreclosure?
April 2014 figures from the research firm CoreLogic show that Florida still has the highest percentage of homes in foreclosure in the nation with over 17,830 foreclosures completed in Tampa, St. Petersburg and Clearwater since April 2013. There were 121,338 foreclosures completed in the entire state during that same time period, over 4x more than any other state. However, with the help of our skilled Tampa foreclosure defense attorneys, many homeowners have been able to get help.
Florida still has a long way to go and unfortunately, the troubled economy, frozen wages and increasingly high rates of unemployment are continuing to remain as obstacles for homeowners in distress who are hoping to save their home. As of March 31, 2014, there were about 218,000 mortgage foreclosure cases pending in Florida courts. In order minimize the impact of foreclosure proceedings, a foreclosure defense attorney can be your best line of defense.
Whether you need a short sale, loan modification or any other type of foreclosure defense, the attorneys at Fernandez Law Group have the skills and experience necessary in the Tampa courts to help you out of a difficult mortgage situation and work hard to help you make the right choices in order to help you get back into the path towards financial stability.
REMEMBER - THE MOST IMPORTANT ASPECT OF AVOIDING OR MINIMIZING THE FORECLOSURE PROCESS IS THE DECISION TO ACT.
When served with a foreclosure complaint, there is a 20 day window to file a written response, if your goal is to maximize the timeframe delay the process. Waiting until the lender forces you out of your home does not have to be your only option, no matter how limited your financial resources are.
The cost of foreclosure defense with our firm is affordable even for homeowners in the worst economic position, and a much more affordable option then being foreclosed upon and leaving the home. This is why we strongly suggest seeking the advice of the Fernandez Law Group. We will assist you in preserving all of the legal options available to you through the judicial process of foreclosure, and fight to keep you in your home.
Each individual case is researched and analyzed to structure defense strategies to place you in a better position to remain in your home and/or enable you to have enough time to mitigate your situation through negotiations of possible Loan Modifications Programs, Short Sale, Bankruptcy, Deed in Lieu, Repayment Plans, and every other option you may not be aware of at this time.
DUE TO CURRENT ECONOMIC CONDITIONS, NATIONAL FORECLOSURE STATISTICS HAVE HIT ALL TIME RECORD HIGHS.
At Fernandez Law Group, we analyze each client's particular case to develop a customized plan to defend the foreclosure proceedings. Our qualified attorneys will work directly with each lender to create options for homeowners who are or have fallen behind on their mortgage obligations.
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Call or Text us today at 813-489-3222 for a FREE consultation.
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Content authored by Gaston Fernandez
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