If you find yourself struggling to make mortgage payments know that you are not alone. ATTOM, a business that focuses on providing real estate data, reports that the foreclosure rates continue to increase throughout the country.
What are the foreclosure rates in the US?
Foreclosure completions increased almost 50% in 2022. Some other striking numbers from this data include:
- 30,528. The number of properties with foreclosure filings in the United States as of February 2023.
- 3,831. This is the number of homes that were repossessed by lenders in 2022.
- 1,831. The number of foreclosures that were started in Florida in February.
These are some sobering statistics.
What is the positive?
The positive side of this is that you are clearly not alone. People throughout the country and thousands of homeowners right here in Florida are struggling with financial difficulties.
What can I do to save my home?
Thankfully, there are steps you can take to help better ensure you keep your home. The first is to reach out to the lender. They may have refinancing opportunities or other programs that can result in a more manageable payment plan.
If this is not an option, you can consider more aggressive action. Forbearance may be an option. This option can result in a temporary suspension on mortgage payments during a period of financial hardship, with the expectation that you begin making payments after a specified period. The goal is to stop foreclosure, the process where the lender tries to take possession of your property.
Unfortunately, a lender can start a foreclosure proceeding in as little as three to six months after a missed payment. If you find yourself facing foreclosure, you can reach out to legal counsel to discuss your options and the available legal tools to help you fight back.