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Foreclosure rates decline, but remain high in greater Miami area

Many residents of the Miami area are still hurting from the recession. While the economy is in recovery, Miami and Florida as a whole still have quite a way to go. The foreclosure rate in Florida remains above the national average, and the foreclosure rate right in Miami is much above that average.

According to the Miami Herald, the foreclosure rate in greater Miami has improved. It declined quite a bit from October 2012 to October 2013, the most recent month for which statistics are available. However, more than 9 percent of mortgages in the greater Miami area are currently in foreclosure. Statewide, almost 7 percent of mortgages are somewhere in the foreclosure process.

Many people who receive foreclosure notices struggle with great frustration and feelings of helplessness. It is important that such homeowners are aware that they do have rights and viable options to keep their homes may exist - options other than bankruptcy.

In many Florida foreclosure cases, lenders are overstepping legal boundaries. Often, lenders file foreclosure actions even though they are not in possession of the paperwork that they need to legally foreclose on a property. In other cases, the paperwork is rife with error - the banks make mistakes in payment records, and homeowners lose their homes as a result.

Homeowners can sometimes successfully defend themselves from foreclosure. It is wise to do this under legal counsel. While banks may get away with numerous mistakes, one small mistake on the part of a homeowner during this process can result in foreclosure.

Those who are facing foreclosure may benefit from talking to a reputable foreclosure defense attorney as soon as possible.

Source: Miami Herald, "Miami's foreclosure rate fell again in October," Martha Brannigan, Dec. 23, 2013

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