Foreclosures Archives - Kingcade Garcia McMaken, P.A. Bankruptcy Attorneys

These 2 Southern States Lead the Nation with the Highest Number of Foreclosures

Posted on August 6, 2025by Admin

Foreclosure rates have been on the rise, signaling homeowners are struggling with the cost of homeownership. There was a total of 36,033 U.S. properties with foreclosure filings, up 0.4% from the prior month and 13.9% from a year ago, according to the U.S. Foreclosure Market Report from ATTOM.

The report revealed that Florida, South Carolina, and Illinois had the worst foreclosure rates in the nation.

High foreclosure rates can be attributed to a range of factors, including economic pressure, local housing market dynamics, and state-specific foreclosure procedures. Of the three states, only Florida, with a median home list price of $440,000, is above the national median at $431,250.

The report revealed that two-thirds of the 50 counties around the U.S. considered most exposed to potential fallbacks were in Florida, California, Illinois, and the New York region.

South Carolina saw 1 in every 2,311 housing units with a foreclosure filing; Illinois had 1 in every 2,405 housing units; and Florida had 1 in every 2,526 housing units.

Among those major metropolitan statistical areas with a population of at least 200,000, those with the greatest number of foreclosure starts in April 2025 included Houston (1,202), Chicago (1,139), New York City (1,099), Miami (739), and Atlanta (665).

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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.

Bankruptcy Filings, Consumer Debt, Foreclosures, Medical Debt

Study Links This Health Condition to Higher Rates of Debt, Bankruptcy and Foreclosure

Posted on August 4, 2025by Admin

A recent study revealed that patients with diabetes have more adverse financial events on average than patients without diabetes. Researchers used a unique dataset to show that patients with Type 2 Diabetes have worse financial outcomes than other patients. Findings showed diabetes patients fared worse on all seven financial outcomes studied, including below-prime credit scores, medical and non-medical debt in collections, 60-plus-day delinquent debt, debt charge-offs, bankruptcy filings and foreclosure.

The study’s co-author, and professor and chair of consumer sciences at The Ohio State University, Cäzilia Loibl, found that patients with diabetes were more burdened financially than other patients. The diabetes patients in the study were compared to people who had a blood test to check for diabetes but who were not diagnosed with diabetes.

Researchers used data on 166,285 patients being treated at the Wexner Medical Center at Ohio State from October 2017 through December 2021.

While other research has “suggested” that diabetes patients often face financial difficulties, this most recent study sets it apart. Researchers were successfully able to link credit, employment and medical data, providing a unique look at the connection between “physical and financial health” in diabetes patients.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Foreclosure Defense, Foreclosures

This Florida Metro Has Been Named the Foreclosure Capital of the US

Posted on June 13, 2025by Admin

According to real estate data from ATTOM, Florida’s Lakeland region has the nation’s highest number of foreclosures. One out of every 172 housing units had foreclosure filings, according to the real estate data firm.

There is a combination of factors that attribute to this rating. One being a population influx. Another factor is the price of home insurance, and rising insurance premiums. Floridian’s pay an average annual premium of $5,292 for a home worth $3000,000, according to Bankrate. That’s nearly two-and-a-half times the national average of $2,267. Other factors, include increased property taxes, regulatory changes that impact older condominiums, elevated mortgage rates, inflation, and job losses.

Foreclosures can oftentimes be a precursor to bankruptcy, and both have risen drastically over the last 12 months. The key is to respond quickly to avoid losing your home through foreclosure. It may seem counter-intuitive, but when someone is facing foreclosure and is in the middle of a major financial crisis, bankruptcy can be a viable option to help save that person’s home. Ultimately, it depends on your specific financial situation and the type of bankruptcy you file – but bankruptcy can be used as a tool to help keep your home.

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Foreclosures, Housing Market Trends

Florida Foreclosures Spike in the Aftermath of Last Year’s Hurricane Season

Posted on April 22, 2025by Admin

Florida led the nation in foreclosures in 2024, and all signs point to a continuation in the trend. A report by property data firm ATTOM shows that Lakeland ranked No. 1 nationwide for the most filings in 2024, with one in every 172 homes foreclosed on.

After a six-month period of decline, foreclosure filings abruptly increased in October, revealing the impact back-to-back hurricanes had on the market.

Hillsborough, Broward, Miami-Dade and Orange counties had the most foreclosures in Florida. Among U.S. metro areas with populations greater than 1 million, Orlando, Jacksonville and Miami had the first, third and fourth highest rates in the nation.

Foreclosures can oftentimes be a precursor to bankruptcy, and both have risen dramatically over the last 12 months.

Several major Florida metros ranked in the top 10 U.S. cities whose residents have the highest levels of financial distress. Tampa ranked No. 8, while Jacksonville, Orlando and Miami ranked third, sixth and ninth.

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosures

Florida Foreclosures on the Rise

Posted on February 25, 2025by Admin

Despite foreclosures decreasing nationwide, Florida foreclosure rates remain on the rise. In fact, Florida has some of the highest rates of foreclosure starts and filings in the nation. Data released by ATTOM, found that Florida had the highest foreclosure rates last year, tied with New Jersey.

Foreclosure rates increasing can indicate important shifts in the housing market. For example, an increase in foreclosure rates can potentially reduce property tax revenues, destabilize the housing market, and lower neighborhood values through a rise in vacant properties.

The most recent data found that Florida had the third-highest number of foreclosure filings (2,652) in December 2024, behind California (3,772) and Texas (2,868). Florida counties with the highest number of filings included Miami-Dade, Broward, Palm Beach, Hillsborough and Orange.

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosure Defense, Foreclosures, Kingcade Garcia McMaken

Florida Moves Up to No. 2 Status as State with the Highest Foreclosure Rate

Posted on December 18, 2024by Admin

Attom released its November 2024 U.S. Foreclosure Market Report this week. The report includes the total number of properties nationwide that have at least one foreclosure filing. The report showed that 29,390 properties had foreclosure filings in November. That represents a 3% decrease from October and a 9% decrease from November 2023.

While foreclosure filings are down month-over-month and year-over-year, the data reveals states, such as Florida, Nevada, and Connecticut, remain high.

Nevada maintains its status as the state with the highest foreclosure rate (one in every 2,941 homes). Florida moved up to No. 2 with one in every 3,047 homes in foreclosure, followed by Connecticut (one in 3,210), Maryland (one in 3,535) and Indiana (one in 3,567).

The city of Miami has one of the highest foreclosure rates (one in 2,551 homes), among metros with more than 1 million residents. Foreclosure starts – means lenders have started the process but have yet to repossess the home.

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosure Defense, Foreclosures

US Foreclosures Down 13 Percent in Q3 2024

Posted on October 16, 2024by Admin

A total of 87,108 U.S. properties had foreclosure filings in the third quarter of 2024, representing a 2 percent decrease from the previous quarter and a 13 percent decline from the same period last year. This is according to ATTOM’s newly released Q3 2024 U.S. Foreclosure Market Report.

States with over 1,000 foreclosure starts in Q3 2024 that saw the largest annual drops included North Carolina (down 44 percent), Georgia (down 29 percent), Maryland (down 22 percent), New Jersey (down 20 percent), and South Carolina (down 19 percent).

Among major metropolitan areas (population of 200,000 or more), those with the most foreclosure starts in Q3 2024 were Miami, FL (2,142), New York, NY (3,776), Chicago, IL (3,231), Los Angeles, CA (2,166), and Houston, TX (1,791).

The Highest Foreclosure Rates were seen in Florida, Illinois, and Nevada.

Nationwide, one in every 1,618 housing units had a foreclosure filing in Q3 2024. States with the highest foreclosure rates were Florida (one in every 971), Illinois (one in every 904 housing units), Nevada (one in every 922), Delaware (one in every 1,060), and South Carolina (one in every 1,069).

Among the 224 metropolitan statistical areas with populations of at least 200,000, the highest foreclosure rates in Q3 2024 were recorded in Lakeland, FL (one in every 610 housing units), Orlando, FL (one in every 859), Provo, UT (one in every 647), Macon, GA (one in every 649), Columbia, SC (one in every 663), and Atlantic City, NJ (one in every 766).

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REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Foreclosure Defense, Foreclosures

Home Foreclosures in Florida on the Rise

Posted on August 15, 2024by Admin

Foreclosure numbers from the analytical firm, ATTOM reveal an increase in foreclosure filings in Florida. According to the leading provider of nationwide property data, the three biggest areas where foreclosures are on the rise are in Lakeland, Orlando and Miami.

This year’s numbers in South Florida are up nearly 50% compared to February 2022, according to the South Florida Business Journal.

When Can Foreclosure Start?

Foreclosure cannot start until the homeowner is more than 120 days past due on his or her payments. The purpose of this length of time is to give the homeowner time to submit a loss mitigation application before the foreclosure process begins.

If you are not able to make your monthly mortgage payments, you have options available to you that can keep you from losing your home.

REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

SOURCE: Home Foreclosures in Florida Rising – Florida Daily

Foreclosure Defense, Foreclosures

Florida Sees Highest Rate of Home Foreclosure Filings Nationwide

Posted on May 20, 2024by Admin

Florida has one of the highest rates of home foreclosure filings in the nation, according to ATTOM Data, the leading provider of nationwide property data.

The real estate data analysis firm reported that one in every 2,632 housing units in Florida had a foreclosure filing in February. South Carolina registered foreclosure filings for one in every 2,248 homes, while Delaware had one in every 2,428.

Miami and Orlando had the highest rates of foreclosures for areas with populations of at least 1 million people: Orlando—with one in 1,938 housing units experiencing foreclosures—and Miami, with one in every 2,392.

Florida had the highest number of these foreclosure starts, with 2,732 properties affected, followed by California with 2,730 and Texas with 2,694.

When Can Foreclosure Start?

If you are not able to make your monthly mortgage payments, you have options available to you that can keep you from losing your home.

REMEMBER: In Florida, the homeowner has rights when it comes to foreclosure! But do not delay.

Sources:

Florida Homeowners Are Losing Their Houses (newsweek.com)

How to Avoid Foreclosure: Forbearance, Short Sale, and Other Options (businessinsider.com)

Foreclosure Defense, Foreclosures

U.S. Foreclosure Activity Increases in Q1 2024

Posted on April 29, 2024by Admin

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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