RealtyTrac reports that zombie foreclosures have dropped across South Florida. In the past, homeowners were forced to abandon their homes during foreclosure proceedings—creating the term “zombie foreclosures.” However today, thousands of homeowners remain in their homes while foreclosure proceedings take place.
In last year’s second quarter, approximately 7,021 residents left their homes behind once the foreclosure process began. This was 46% less than the year before, according to RealtyTrac’s Zombie Foreclosure Alert. Increased consumer awareness and knowledge of the law appears to be the reason for this rapid change. Unless the home has sold, homeowners are not required to move out; therefore, they opt to stay.
The average value for owner-occupied homes is $251,236, while zombie homes averaged at $195,856. This data indicates that the foreclosing bank would actually benefit from the home being occupied during the process. In the past, the number of zombie foreclosures was negatively affecting neighborhoods across the nation. Overgrown yards, disrepair and code violations only caused problems for lenders seeking to recover the property.
With homeowners staying put and keeping the home maintained, lenders are eager to offer loan modifications to keep borrowers in their homes. The foreclosure process is very lengthy in South Florida, and lenders seem to be fed up. Statistics reveal that on average, a foreclosure in Florida can take over 2½ years to litigate. The decline in zombie foreclosures is good news for all as the economy slowly improves.
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.
