Mortgage foreclosures are continuing to decline, but many Florida homeowners are struggling to make ends meet. While foreclosure rates are the lowest they have been in 20 years, a significant number of people are still experiencing delays paying their monthly mortgage bills. Around 3.7% of all mortgages have some kind of delinquency, and these may be particularly common if you live in an area where homes were overvalued at the time of your purchase. When home values go up for mortgaged properties, you may be less likely to experience problems. People who cannot make ends meet may be able to sell their homes to escape from the mortgage obligations. This can be far more difficult if you are trapped with a mortgage for a home that has lost value over time.
Foreclosures more common in the South
Florida and other Southern states were some of the few areas that showed a rising number of foreclosures and serious delinquencies, including people unable to pay their mortgages for four or more months. In one Florida city, serious delinquencies rose by .04% in a year. There are many reasons why people may face difficulties in particular communities. Some of the hardest-hit areas were those that were previously affected by natural disasters and have seen a serious economic downturn as a result.
Working to save your home
You may want to avoid a foreclosure both because you want to remain in your home and you want to avoid the serious credit record impact. While some people may feel hopeless if they are notified that a foreclosure is on the horizon, it is possible to fight back. Those who want to protect their rights can benefit from moving forward earlier on in the process and reviewing all of the documents involved in their home purchase.
There are several courses that you may be able to pursue if you are facing a foreclosure, including a loan modification or a mediation process. A lawyer may be able to advise you about the legal options that could be available to keep your home.