Are Foreclosure Rates on the Rise in Florida?

With inflation in the United States reaching some of the highest rates many homeowners have seen, it is no surprise that foreclosure rates have risen exponentially in many states. With gas prices and the cost to buy groceries skyrocketing amongst other necessary costs, many Americans are suffering financial hardship as a result of these rising prices. It should come as no surprise that with prices rising across the country, Florida’s foreclosure rates are on the rise. 

The Law Offices of Daryl L. Jones, P.A. is a Florida real estate law firm with experience helping clients keep their homes when they are faced with foreclosure. Despite foreclosure rates rising in Florida, there are ways you can avoid losing your home when you work with our experienced real estate lawyers. 

Florida Foreclosure Rates are Among the Highest in the Nation

Inflation in the United States has reached a forty year high, making financial hardship common amongst citizens. In Florida, residents have been hit hard by the reality of rising costs, thus challenging their abilities to keep their homes. As a result, Florida has the second highest rate of foreclosures in the country. 

Most home buyers take out a loan to be able to afford the cost. This means they may pay a certain percentage of the purchase price as a down payment at the time they acquire the property and then make payments to their loan lender over time. These loans are typically paid back through monthly payments with a certain interest rate. Unfortunately, if homeowners are no longer able to keep their loan payments current, their lender may initiate a foreclosure. If you are at risk of losing your Florida home, there are options that may help you avoid foreclosure. 

How to Prevent the Foreclosure of Your Florida Home

When you have been issued foreclosure papers, it may feel like your only option is to concede to the reality that you will lose your home. However, that is not the case. With the help of an experienced real estate lawyer, there are a few options you have that could help you save your home. To prevent the foreclosure of your home, there are at least two options:

Loan Modification

A Loan modification alters the terms of your existing mortgage loan to provide you with a lower interest rate or an extended loan term to lower your monthly payment. To be granted a loan modification in Florida, among other things, you must document the exact circumstances that led to your inability to pay your monthly loan payments. The loan modification process is lengthy and may become very confusing for those who do not have experience with real estate law in Florida. That is why it is vital you work with a trusted lawyer who can help you complete each step of the loan modification process so your application may be approved. 

Reinstatement

If you have a way to come up with the missed payments you owe your lender, you may request a bill from the bank that will detail the amount you need to pay to be reinstated as the homeowner. If you choose to apply for reinstatement, your lender will provide a due date by which you must have all of your delinquent fees paid. If you only pay back a portion of your delinquent payments, the lender will likely reject your reinstatement.

Get Help From a Florida Foreclosure Lawyer

If you are at risk of losing your Florida home to foreclosure, it is crucial that you know what options you have to prevent this. The Law Offices of Daryl L. Jones, P.A. is a Florida law firm dedicated to helping clients keep their homes who have been issued foreclosure documents. To schedule a free initial strategy session with Attorney Daryl L. Jones, contact us here or call 305-969-3602.

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