Florida foreclosure rate remains high

Florida foreclosure rate remains high

Owning a home is a significant accomplishment. Many people spend years saving up enough money to become a homeowner.

In recent years, the homes that so many people have worked hard to own have been taken away from them because of their inability to keep up with their mortgage payments. Sadly, many Florida residents remain at risk of losing their homes to foreclosure.

According to RealtyTrac, Florida had the highest foreclosure rate compared to any other state in the country during the first quarter of the year. In addition, most of the cities with the highest foreclosure rates are in Florida.

Despite the grim news for Florida residents, the country's overall foreclosure rate in March declined more than 20 percent compared to last year. However, that information does little to help people living in Florida who are fearful that they may lose their home to foreclosure.

People who are unable to keep up with their mortgage payments should not sit back and do nothing. There are steps that people can take that may help them keep their home.

For instance, Florida residents would be wise to contact their lender to see if there are any options available to help them through a difficult period. A loan modification may be a good alternative for some homeowners.

The thought of losing a home can be quite scary. In addition to contacting bank lenders, Florida residents may also find working with an experienced attorney to be quite valuable. An attorney can help people determine what the best solution is based on their specific situation.

Source: ABC News, "Real Estate Foreclosures: Florida Leads Nation," Alan Farnham, April 11, 2013