The housing market thrived during the pandemic. People were shifting away from city life to remote work and were looking for homes that could provide work and outdoor space. This, paired with the high taxes of big cities like New York, led many to flee and look for property in the Sunshine State.
Unfortunately, this boom is currently going through a bust. Homeowners in the state are struggling to keep their homes and Florida is now one of the top states in the country for foreclosures.
How bad is the foreclosure rate in Florida?
The foreclosure rate in Florida skyrocketed last year. A recent report in The Capitolist found that default notices, bank repossessions, and scheduled auctions, the three components that go into foreclosure filings, were up 153% in the first six months of 2021.
This puts Florida as sixth in the nation for the highest foreclosure rates.
Are there ways to avoid foreclosure?
Whether fleeing the big city or simply buying that first home, those that find themselves struggling to make their mortgage payments have options. As noted by the US Department of Housing and Urban Development (HUD), the first and most important step is to deal with the issue. Do not avoid the problem. It will not go away. It will grow and grow until the issue becomes even more unmanageable.
After accepting the issue, the next step may be to take time to review your budget. If possible, adjust spending and saving habits. This shift may be all you need to get back on track.
If more is needed, it may be helpful to reach out to the lender. In some cases, you may be able to negotiate a more manageable repayment plan. Know that you do not need to go through these negotiations on your own. An attorney experienced in this niche area of real estate law can review your situation, advocate for your interests, and work to better ensure a more favorable outcome.
