Florida leads the nation in Foreclosures with three times the national average

foreclosure1Realtors will tell you that the market is heating up. They are clamoring for listings and the ones they get sell within days, with multiple offers and usually for over asking price. But statistics still show that Florida is the Foreclosure leader, and South Florida is the capital.

In February, Florida remained the number one state for foreclosures for the sixth consecutive month, and Palm Beach, Broward and Miami-Dade counties ranked among the highest metropolitan areas for foreclosure activity, according to RealtyTrac. Florida also led the nation in completed foreclosures in 2012 with 95,177 according to CoreLogic.

Florida’s foreclosure rate was more than three times the national average with one in every 282 homes receiving foreclosure notice in February. RealtyTrac measures its findings on initial notices of foreclosure, notices of a foreclosure sale, and final bank repossession. There are currently 366,250 pending foreclosure cases in the courts in Florida.

To address this continuing crisis, the Florida legislature is working on passing two bills, one to protect homeowners and one to help lenders.

The first is a Homeowner Bill of Rights sponsored by Rep. Mark Danish of Tampa. This proposed legislation prohibits lenders from foreclosing on a home until the lender has made a good faith effort to consider the borrower for a loan modification. This bill also aims to help homeowners with a short sale transaction by providing transparency when requesting and approving a short sale.

The second piece of legislation is geared at speeding up the foreclosure process and moving the excess inventory of foreclosed properties. This bill proposes to shift the burden of proof so that borrowers are required to prove why a lender should not be granted an expedited foreclosure. It also prevents homeowners who had been wrongfully foreclosed on from suing to get their houses back and instead be limited to seeking monetary damages.

The foreclosure process is very complicated but homeowners do have rights. If you have received a foreclosure notification, call Adams & Associates, P.A. at (888) 724-9860 for a free consultation. We can review your case and explain your options to you.foreclosure1Realtors will tell you that the market is heating up. They are clamoring for listings and the ones they get sell within days, with multiple offers and usually for over asking price. But statistics still show that Florida is the Foreclosure leader, and South Florida is the capital.

In February, Florida remained the number one state for foreclosures for the sixth consecutive month, and Palm Beach, Broward and Miami-Dade counties ranked among the highest metropolitan areas for foreclosure activity, according to RealtyTrac. Florida also led the nation in completed foreclosures in 2012 with 95,177 according to CoreLogic.

Florida’s foreclosure rate was more than three times the national average with one in every 282 homes receiving foreclosure notice in February. RealtyTrac measures its findings on initial notices of foreclosure, notices of a foreclosure sale, and final bank repossession. There are currently 366,250 pending foreclosure cases in the courts in Florida.

To address this continuing crisis, the Florida legislature is working on passing two bills, one to protect homeowners and one to help lenders.

The first is a Homeowner Bill of Rights sponsored by Rep. Mark Danish of Tampa. This proposed legislation prohibits lenders from foreclosing on a home until the lender has made a good faith effort to consider the borrower for a loan modification. This bill also aims to help homeowners with a short sale transaction by providing transparency when requesting and approving a short sale.

The second piece of legislation is geared at speeding up the foreclosure process and moving the excess inventory of foreclosed properties. This bill proposes to shift the burden of proof so that borrowers are required to prove why a lender should not be granted an expedited foreclosure. It also prevents homeowners who had been wrongfully foreclosed on from suing to get their houses back and instead be limited to seeking monetary damages.

The foreclosure process is very complicated but homeowners do have rights. If you have received a foreclosure notification, call Adams & Associates, P.A. at (888) 724-9860 for a free consultation. We can review your case and explain your options to you.

 

 

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