South Florida foreclosure filings increased during the third quarter of 2021, shortly after the federal moratoriums on evictions and foreclosures were lifted. Housing experts anticipate that this upward trend could continue well into the fourth quarter of 2021.
The moratorium on foreclosures expired for most homeowners on July 31, 2021. It was created in an effort to help struggling homeowners stay in their homes during the worst of the COVID-19 pandemic. However, now that the moratorium has been lifted, many mortgage lenders are moving forward with foreclosure proceedings.
According to ATTOM, 1,871 foreclosure actions were filed during the third quarter in the tri-county area. These numbers represent a 60 percent increase from what was reported in the second quarter of 2021. When compared to the third quarter of 2020, foreclosure filings in the area increased by 137 percent.
When compared to increases across the nation, South Florida’s numbers increased at a much faster rate. South Florida reported the seventh highest figures of foreclosure filings in the nation with one foreclosure filing being made for every 1,354 homes. The metro areas with the largest increases in foreclosure filings were in Atlantic City, New Jersey and Peoria, Illinois.
Even though filings have gone up, officials at ATTOM say these figures are still below normal. In fact, September foreclosure filings were nearly 70 percent lower than they were in September 2019, before the COVID-19 pandemic struck. At this rate, even if filings increase more in the fourth quarter of 2021, numbers will still be significantly lower than what is normally seen.
Many homeowners are continuing to hold off a potential foreclosure through use of forbearance programs offered by their lenders. However, it is estimated that hundreds of thousands of homeowners are scheduled to exit their forbearance programs over the next two months, which could result in increased filings.
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Choosing the right attorney can make the difference between keeping your home or losing it in foreclosure. 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 McMaken website at www.miamibankruptcy.com