Leavengood, Dauval & Boyle, P.A. Articles Florida Continues Highest Foreclosure Rate Trend

Florida Continues Highest Foreclosure Rate Trend

By Leavengood, Dauval & Boyle, P.A.  Jun. 19, 2013 4:25p

Florida had the highest foreclosure rate in the U.S. according to a recent report. Information compiled from CoreLogic shows that the state had the highest number of foreclosures, totaling over 100,000 over the last 12 months. 9.5 percent of mortgaged homes are part of Florida's foreclosure inventory. This percentage is over three times the national inventory average. The area with the highest numbers in the state is the Tampa-St. Petersburg-Clearwater metro region. The percentage of foreclosed homes in this area has improved from the previous month, however. The rate was 9.9 percent in April, down from 10.2 in March. Additionally, while the statewide foreclosure numbers are the highest in the country, the amount of reduction compared to last year was greater than any other state's inventory reduction rate. The Florida foreclosure inventory was down by 2.6 percent compared to last year. The state stands to lose its unfortunate high ranking title if that trend continues. If you are struggling to keep up with mortgage payments or have been notified that foreclosure actions are being taken against you then you need a bankruptcy attorney knowledgeable in mortgage solutions now!

Know Your Foreclosure Options

Whether you want to be able to keep your home or simply want to avoid having a foreclosure on your record, a legal professional may be able to help you meet your goals. Mortgage holders are now required by law to give homeowners a chance to negotiate their loan and find a way to keep their house whenever possible or at least forego a foreclosure. Ways to avoid foreclosure include Chapter 7 or Chapter 13 bankruptcy protection, loan modification, short sale or stripping a second mortgage or settling other debts so your mortgage payments become more manageable. Which option you should pursue depends on your specific qualifications as well as whether or not you want to try to keep your house or just get out from under an underwater mortgage and move on to a more favorable living arrangement.

Discuss Your Mortgage Situation with a Bankruptcy Lawyer Today

When you are overwhelmed by debts and stressed about how you are going to support yourself and your family it can be difficult to determine what solution will actually work for you. An attorney on our team at the law offices of Leavengood, Dauval & Boyle, P.A. may be able to help you sort out your options and what is in your best interests. Don't hesitate to contact our firm today to schedule a free initial consultation.

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