According to a recent report by Black Knight Financial Services, the share of loans in foreclosure is down nearly 37 percent year-over-year, dropping to rates not seen since 2008. In Florida, 12 percent of homeowners with mortgages are not current with their payments, the third largest percentage in the nation of those behind on mortgage payments.
Less than 4 million people are not current on their mortgage payments- the lowest amount since November 2007. The report said Florida has had the second biggest improvement in the past six months, with a 20 percent reduction in delinquency. These levels have not been seen since October 2007, with foreclosures at a 7.5 year low. In addition, pre-payment rates have increased from last month to eight-tenth of a percentage point- not seen since 2008.
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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.