The threat of foreclosure still a problem in Florida

The threat of foreclosure still a problem in Florida

According to some reports, the amount of foreclosures that are waiting to be dealt with in Florida are at an all-time low since the real estate crisis began some five years ago. At first glance, this appears to be good news. However, a closer look reveals that the threat of foreclosure is still a reality for many Florida homeowners.

Some analysts believe that the new law that seeks to expedite defaults is having a significant impact on the amount of time it takes to process foreclosures. Another significant factor seems to be loan modification agreements that homeowners are able to reach with their lenders. These agreements are allowing the default process to be suspended and families to get back on their feet. Also, real estate values in Florida seem to be climbing, and banks seem to be developing a stronger base to operate.

Some Florida counties are seeing a 29 percent drop in the amount of foreclosures that are waiting to be processed. Even still, some estimates indicate that it may take several years before the foreclosure backlog is completely cleared out of the Florida system. Officials familiar with the housing epidemic site efficient courts and more knowledgeable attorneys as more reasons the process has expedited.

While the system seems to have found several ways to operate more efficiently, many families continue to face the threat of foreclosure alone. Many Florida homeowners simply do not know about the varied options that are available to avoid a foreclosure. A homeowner who may be facing the often discouraging situation of losing their home would seem to benefit from understanding their options.

Source: heraldtribune.com, Florida foreclosure backlog hits a low, Josh Salman, Dec. 5, 2013