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?
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.
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.
Sources:
Florida Homeowners Are Losing Their Houses (newsweek.com)
How to Avoid Foreclosure: Forbearance, Short Sale, and Other Options (businessinsider.com)