Tag: ATTOM

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

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.

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

Decline Seen in Latest Foreclosure Filings

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A decline in foreclosure filings was seen at the end of 2021, according to figures from the ATTOM subsidiary, RealtyTrac. According to their study, released in RealtyTrac’s Foreclosure Market Report, foreclosure filings were down five percent from the previous month.

Despite this fact, the 19,479 properties with foreclosure filings in November 2021 was up 94 percent from the previous year. This increase represents the seventh consecutive monthly increase when comparing 2020 filings with 2021.

This news comes four months after the federal foreclosure moratorium was lifted and forbearance plans ended. Housing experts were concerned that a wave of foreclosures would be hitting the courts, but this monthly decline seems to indicate otherwise.

RealtyTrac reports that foreclosure activity slowed down as 2021 came to a close. An initial surge may have been seen after the moratorium was lifted, this activity did slow down eventual across the U.S.

ATTOM reported which states had the highest foreclosure rates for 2021. States with the highest foreclosure rates included Illinois, Florida, Ohio, Delaware, and New Jersey. Florida reports one foreclosure filing for every 3,319 units. Of the metropolitan areas surveyed, three areas in Florida reported a high rate of foreclosures. Lakeland, Florida reported one foreclosure filing for every 2,345 units. Ocala, Florida reported one filing in every 2,485 units, and Miami, Florida reported one foreclosure filing for every 2,626 units.

Housing experts are optimistic with these new figures, claiming that despite the fact that governmental programs to prevent foreclosures have lapsed, the aid received through these programs have prevented many homeowners from falling into foreclosure.

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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

Foreclosure Report 2021: What to Expect in the Coming Months

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Foreclosures have been essentially at a standstill due to the moratorium issued by state and local governments on foreclosures and evictions, as well as forbearance programs to help keep families remain in their homes during this difficult time. However, these efforts will expire at some point, which has many worrying about what will happen once these programs end.  

According to the Federal Reserve Bank of St. Louis, approximately 500,000 borrowers avoided foreclosure during the last quarter of 2020 due to various relief programs available to them, including the forbearance program offered through the CARES Act.