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Foreclosure activity increases reported

Florida has been a leading state in the national foreclosure crisis, continuing to post the highest rates in recent months. Although statistics indicate that foreclosures across the country during May 2015 were significantly lower than at the peak time in September 2013, these rates are greater than those reported in May 2014. In fact, lenders repossessed 58 percent more homes than one year earlier. Experts indicate that there is both good and bad news associated with these recent statistics.

One of the positive facts about recent data is that the rate of foreclosures being initiated across the country is stabilizing, occurring at levels that are consistent with those that preceded the recent crisis. However, the levels of homes lost to foreclosure are continuing to exceed pre-crisis numbers. This is attributed in part to those endeavoring to stop the foreclosure process running out of time or options. In other cases, homeowners are unwilling or unaware of their alternatives for fighting foreclosure. In many current repossessions, issues such as paperwork errors and other inappropriate actions by lenders have been pursued unsuccessfully.

There are various stages in the foreclosure process to consider as statistics are evaluated. In some cases, homeowners are just beginning to deal with the process as proceedings are started by lenders. In other cases, repossession has occurred or homes have gone to auction. An individual who is dealing with the early stages of foreclosure might find that there are options for delaying or halting the action.

Legal support may be important for fighting foreclosure activity. Even before a foreclosure commences, an individual might work with a lawyer to negotiate a new payment plan with a lender. Additionally, a lawyer might evaluate mortgage documents and details to determine whether there are paperwork errors or math errors that might allow a reprieve in the foreclosure process.

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