Foreclosure Defense

Foreclosure Defense, Foreclosures

U.S. Foreclosure Activity Increases in Q1 2024

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Real estate data by ATTOM, revealed its Q1 2024 U.S. Foreclosure Market Report, which showed a total of 95,349 U.S. properties with a foreclosure filing during the first quarter of 2024. These numbers were up 3 percent from the previous quarter.

The report also showed a total of 32,878 U.S. properties with foreclosure filings in March 2024, down less than 1 percent from the previous month and down 10 percent from a year ago.

Foreclosure starts to increase nationwide.

67,657 U.S. properties started the foreclosure process in Q1 2024, up 2 percent from the previous quarter and up 4 percent from a year ago.

States that had 100 or more foreclosure starts in Q1 2024 and saw the greatest quarterly increase included, New Hampshire (up 43 percent); Illinois (up 26 percent); Florida (up 22 percent); Rhode Island (up 21 percent); and Nevada (up 16 percent).

Major metros with a population of 200,000 or more that had the greatest number of foreclosure starts in Q1 2024 included, New York, New York (4,404 foreclosure starts); Houston, Texas (2,977 foreclosure starts); Chicago, Illinois (2,867 foreclosure starts); Los Angeles, CA (2,398 foreclosure starts); and Miami, FL (2,319 foreclosure starts).

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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.

Foreclosure Defense, Foreclosures

Florida Second in the Nation for Evictions and Foreclosure Moves

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As the number of evictions and foreclosures have increased across the country, these types of legal actions have increased more in Florida. As a result, Florida now has the second highest rate in the country when it comes to evictions and foreclosures.

According to figures from ATTOM, American consumers are facing a significant increase in both evictions and foreclosures. They reported that a total of 324,237 foreclosures were in the court system in the U.S last year.

In 2022, a total of 204,000 American consumers reported that they were facing eviction or foreclosure in the U.S. During this year, the rate of evictions and foreclosures increased by 56 percent (56%).

Foreclosure Defense, Foreclosures, Zombie Debt

‘Zombie Debt’ Homeowners Face Foreclosure on Old Mortgages

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A number of homeowners are facing the possibility of losing their homes over second mortgages that they had taken out over a decade ago. Many of these homeowners believed that their second loans were either rolled in with their first mortgage payments or were forgiven. Unfortunately, these loans did not go away and now are legally collectible, even if they are years old. This type of debt is often referred to as “zombie debt.”

What are zombie debts? Essentially these debts are old loans being pursued with new collection actions.

Foreclosure Defense, Foreclosures

Florida Foreclosure Filings Increase by 71 Percent Since 2021

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Foreclosure rates in the State of Florida are on the rise by over 71 percent since 2021, according to new foreclosure data released by real estate company, ATTOM. As a result, Florida now ranks number two for the top five states with the highest level of foreclosure starts.

Rates have been steadily increasing throughout the year as pandemic relief programs have ended.  ATTOM reports that 9,284 foreclosure filings were made in the past quarter with 6,671 of these being foreclosure starts. Fortunately, foreclosure starts are still behind where they were before the COVID-19 pandemic hit, even though numbers are starting to rise.

Foreclosure Defense, Foreclosures

What is the Foreclosure Process in Florida?

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Foreclosure is a process most homeowners want to avoid. After all, no one wants to lose their home. Florida has what is called a ‘judicial foreclosure process’, meaning the homeowner is entitled to a hearing before the court to determine whether or not the bank has the right to foreclose.

 

Pre-foreclosure

The period after the homeowner misses mortgage payments but just before foreclosure officially begins, is known as the “pre-foreclosure” stage. During pre-foreclosure, the mortgage service provider will likely add fees to the outstanding balance, including late fees and inspection fees. Mortgage providers are entitled to conduct inspections of the property when payments are missed to ensure that the property is still occupied and in good shape. They must also communicate with the homeowner about the possibility of foreclosure, and this communication comes in the form of a pre-foreclosure letter or breach letter. The breach letter must inform the homeowner that his or her loan is in default and must give the homeowner the chance to cure the default and prevent foreclosure.

Foreclosure Defense, Foreclosures

Zombie Properties Increase as the Number of Foreclosures Climb

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The number of homes abandoned by their owners just before foreclosure has continued to increase for a second consecutive quarter in 2022, as the number of foreclosure cases continue to rise. These types of vacancies are commonly referred to as “zombie homes” or “zombie properties.”

According to real estate data provider, Attom, a total of 7,707 residential properties facing foreclosures have been vacated by their owners in the third quarter of 2022, increasing by 1.8 percent from 7,569 from the prior quarter. These numbers are up 2.2 percent from 7,538 vacated in the prior year. This increase represents the second consecutive quarterly increase in the number of zombie properties.

COVID-19, Foreclosure Defense, Foreclosures

Foreclosure Filings are up 132 Percent from 2021

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The number of foreclosure filings is up by more than 132 percent when compared to 2021. According to statistics from Black Knight, the number of active foreclosure cases involving homes that have begun the foreclosure process on a seriously delinquent loan, went up by over than 7,000 cases in March 2022. This increase is the first one seen in a year-to-year comparison in over 10 years.

Additionally, more than 78,000 U.S. properties had a foreclosure filing during the first quarter of 2022. This figure is 39 percent higher from the previous quarter and 132 percent more when compared to one year ago, according to figures from ATTOM. Black Knight also reports that the number of serious mortgage delinquencies, mortgages that are 90 days or more past due, are 70 percent higher than they were before the COVID-19 pandemic hit in 2020.

Foreclosure Defense, Foreclosures

How Long Does a Foreclosure Stay on Your Credit Report?

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Many times, consumers facing a foreclosure fear what the proceeding will do to their credit scores. Will a foreclosure prevent them from receiving financing in the future? Will it hurt their chances of purchasing a home again in the future?  While the effects of foreclosure can be far-reaching, it does not mean that all hope is lost for that person ever owning a home, again.

The good news is that even though a foreclosure will almost certainly have a negative effect on a person’s credit score, rebuilding your credit score can start immediately after.

Foreclosure Defense, Foreclosures

Foreclosure Filings Increase Following End of CFPB Restrictions

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Foreclosure filings reported in January 2022 were up by nearly 30 percent from a month prior and up by over 139 percent from a year ago, according to figures from the U.S. Foreclosure Market Report. A total of 23,204 U.S. properties were reported as having foreclosure filings.

The fact that foreclosure filings were on the rise does not come as a surprise for financial experts who have been keeping an eye on the housing market. Normally, foreclosure filings slow down around the holidays, picking up again after the first of the year. However, this year, the filings were a little more than in previous years, showing more of a spike in filings than a slow increase.