Recent statistics show that Florida has quite a logjam on its hands due to foreclosure filings. The count includes approximately 44,000 cases in Broward County alone, according to the Office of the State Courts Administrator.
Of those mortgages backed by Freddie Mac and Fannie Mae, Florida has a higher delinquency rate than any other state in the nation. It is estimated that the average number of days it takes to process a foreclosure in Florida stands at approximately 806, which is over twice the national average.
This information probably comes as no surprise to most Florida residents. It has been widely reported that Florida suffered some of the worst of the effects of the housing bubble burst, and property owners know this best of all.
Foreclosure is a scary prospect for just about any homeowner, and trouble with mortgage payments has become a common occurrence since the national economy turned for the worse. Although recent economic news is turning positive, it could take a while before Florida residents see any change in the housing crisis that hit our state harder than most.
The good news is that there are options for those individuals and families who find themselves in a tight spot with their mortgage lenders. Families can avoid foreclosure by pursuing a loan modification. Or, if a foreclosure lawsuit has already been served, a solid foreclosure defense can make the difference in keeping or losing a home.
In any case, it is important for people who are having mortgage difficulties to know that they are not alone. There are options to ensure a better future.
Source: sunsentinel.com, “Florida tops in delinquent mortgage loans, report says,” March 21, 2012