Foreclosure filings increased in October from the previous month in Southwest Florida and the recent Florida Supreme Court ruling could lead to even more foreclosures in the coming months. Lenders reported 469 foreclosure actions last month in Sarasota, Manatee and Charlotte counties- up 33 percent from September.
According to the October 2016 Foreclosure Market Report from ATTOM Data Solutions, a total of 105,481 foreclosure filings, default notices, scheduled auctions or bank repossessions took place in October. This is up 27% from September’s 129-month low, but it is still down 8% from last year.
The state with the highest foreclosure rate is Delaware, with one in every 355 houses having a foreclosure filing, followed by New Jersey with one in every 564 housing units, Maryland with one in every 679 units, Illinois with one in every 704 units and South Carolina with one in every 801 units.
Florida could soon be joining the states with the highest number of foreclosures, given the October ruling by the state supreme court, which favors lenders and allows them to re-file a foreclosure action against a homeowner in default even if a previous foreclosure case against that homeowner was dismissed and that original foreclosure case was filed more than five years ago, outside the state’s statute of limitations for foreclosure.
The loans used in the housing recovery that are most susceptible to foreclosure are the FHA and VA with low down payments. Data from ATTOM Data Solutions shows FHA and VA loans combined represent 49% of all active foreclosure inventory for loans originated in the seven years ending in 2015.
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.