Florida homeowners face threat of foreclosure

Florida homeowners face threat of foreclosure

Florida is known for being at the top of the list when it comes to foreclosed homes. The unemployment rate may have begun to decline, but foreclosures still continue to rise. In the last couple of months, the Northeast part of Florida has been at number one for foreclosure. As more time goes on, more homes are in threat of foreclosure.

In Florida as a whole, one out of every 328 homes went into foreclosure in July alone, which is higher than last year. In the Jacksonville area, foreclosures increased by 19 percent within one month. According to Realtytrac, one out of every 230 homes were up for foreclosure. Miami comes right behind Jacksonville and the numbers indicate that one out of every 250 homes went into foreclosure.

In an effort to rehabilitate the housing market, many sellers have begun to decrease the price of their homes. It is believe that the attractive sales price will entice more potential buyers. It may take years before the state gets back to normal due to the recession.

In today's economy, many struggling Florida homeowners are not able to keep up with the monthly payments on their mortgage. Sometimes, many months will go by without one single payment made to their bank. In these types of situations, the homeowners are more vulnerable to the threat of foreclosure. Loan modification are other alternatives to foreclosure may be an option. Those individuals and families facing these important issues may benefit from gaining an understanding of their rights and responsibilities under the law, as well as the potential legal remedies to help them avoid a foreclosure proceeding.

Source: jaxdailyrecord.com, Florida still leads US in foreclosures, Mark Basch, Aug. 27, 2013