Foreclosure filings in January 2013 fell to its lowest level since April of 2007. According to RealtyTrac, notices of default, scheduled auctions, bank repossessions and other filings fell to 150,864. Altogether, these account for a 7% decline from December 2012 and a 28% decline from January 2012. New foreclosure filings have fallen to the lowest level since June 2006. According to RealtyTrac spokesman, Daren Blomquist, the peak of the foreclosure crisis has passed. Blomquist said that improvements are likely to be made throughout the rest of the year and by this time next year he expects to see pre-crisis numbers.
A major contributor to the decline in foreclosures is the result of new state regulations that took effect in California on January 1st. California led the nation in foreclosures through most of the housing crisis. During January, Florida surpassed California as the state with the most foreclosures. The Homeowner Bill of Rights went into effect in California on January 1st that helped protect its borrowers from foreclosure. According to the Bill, mortgage servicers must freeze all foreclosure proceedings once a borrower applies for a mortgage modification. The Bill also includes a $7,500 fine for servicers if they record and file multiple unverified documents in foreclosure proceedings.
To read more on this story visit:
http://money.cnn.com/2013/02/14/real_estate/foreclosures/index.html?iid=SF_PF_River
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. 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, P.A. website at www.miamibankruptcy.com.