When a family falls behind on their mortgage payment, they fear that they may lose their home through foreclosure. Unfortunately, foreclosure has become a reality for many Florida families. In the 12 months leading up to November 2016, Florida had the highest number of completed foreclosures in the U.S. with just fewer than 49,000, or 12 percent of the U.S. total. Real estate law attorneys can suggest alternatives to foreclosure, but that is not always an option.
However, there is some good news. Foreclosure rates have gone down in Florida and all across the country. Over the past year, Florida has seen close to a 42 percent decrease in foreclosure activity. With a 1.4 percent foreclosure rate, Florida had the seventh highest rate in the U.S., which is much more in line with the nation's overall 0.8 percent rate.
While the dropping foreclosure rates are encouraging, there are still many families in Fort Lauderdale who worry about giving up their homes. Fortunately, there are many alternatives to foreclosure. One alternative may be to work with your lender to come up with a new repayment plan based on your current financial situation. Some lenders may even temporarily suspend or reduce your payments. Another option may be to modify your mortgage and extend the term of your loan so that you can make lower payments and play catch up.
While there are many alternatives, it can be difficult to determine whether you qualify for them. A qualified real estate attorney may be able to help you evaluate your options to avoid foreclosure and continue living in your family home.
Source: Herald-Tribune, "Florida still leads U.S. in foreclosures," John Hielscher, Jan. 10, 2017