The foreclosure rate in the Miami-Miami Beach-Kendall area had fallen to 8.72 percent in December. While this is down significantly from the 14.38 percent rate we saw one year earlier, it is still much too high. The national foreclosure rate is at 2.09 percent. The foreclosure rate across Florida was listed at 6.67 percent in December as compared to the 10.27 percent rate in December 2013.
The mortgage delinquency rate had also improved in the Miami area. While it was listed at 14.99 percent rate in December, a year earlier it was at 20.79 percent. Again, compared to the national rate of 5.03 percent in December, the Miami rate of delinquencies is also significantly high.
We can only guess at why the Miami foreclosure rates are higher than in other parts of the country. But what is significant about these statistics is that a significant number of individuals are still underwater in today’s economy as pertains to their mortgage.
Those facing foreclosure need to understand the legal options that attorneys working in this area can provide for them. Foreclosure defense can include loan modifications or proposal of other alternatives that will keep families in their homes. Short sales where a homeowner sells a home for less than what is owed to the bank are sometimes conducted. And in certain dire circumstances a deed in lieu of foreclosure may be worked out where the homeowner turns the home over to the lender and is thus no longer responsible for any more homeowner obligations.
Though alternatives are available, each option requires careful consideration. Please speak to a qualified attorney in this area before making any decisions.
Source: Miami Herald Business, “Miami area foreclosure rate fell again in December,” Martha Brannigan, Feb. 24, 2014