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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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.