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Florida still plagued with large numbers of distressed properties

The foreclosure process in Florida is considered to be lengthy.  This is partially due to the amount of distressed property that is present in our state and Florida is behind most other states in resolving mortgages that came about due to the housing downturn.

Perhaps due to these circumstances Florida led the nation in February concerning cash sales for residential real estate.  In one Florida community cash sales involved 35.5 percent of all transactions for that month.  Because it was so difficult for individuals to qualify for a mortgage during this period many individuals decided instead to opt for paying cash.  However, one real estate authority hopes to see this trend turn around extremely soon.

Obviously a healthy housing market cannot be maintained when so many individuals cannot figure a way to buy a home other than through a cash transaction. Those remaining in distressed properties may not have any way to sell these homes to prospective buyers when there are so few buyers that can receive financing. Homeowners in these distressed properties might thus still be looking for foreclosure alternative means so that they do not lose their homes and everything that they have put into them.

Attorneys can provide advice as to what the alternatives may be. In some circumstances it can include loan modifications. In certain instances it can mean looking for loan modifications through qualifications under certain government programs such as the Home Affordable Modification Program or HAMP. There are also certain circumstances where the attorney can help the client get out from under the mortgage by conducting a short sale.

Source: Tampa Bay Business Journal, "Majority of Florida home sales done in cash," Eric Snider, March 27, 2014

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