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Florida fourth in US for foreclosure troubles

| May 7, 2019 | Foreclosures

An overall healthy national and global economy does not always guarantee protection from serious financial challenges for individuals. Many people in Florida know this through their own first-hand experiences. The problems can extend beyond credit card debt to mortgage delinquencies that put homeowners in jeopardy of losing their homes.

New data has been released by ATTOM Data Solutions that indicates Florida has the fourth-highest number of foreclosure actions among all states in the country. As reported by the Herald-Tribune, one out of every 487 homes has been scheduled for repossession by a lender, an auction or been served a default notice. The rate of these actions grew by 24% in 2018. Initiation of foreclosure actions in Florida spiked by 65%.

In looking at the nation as a whole, World Property Journal indicates that foreclosure filings for the first quarter of 2019 are down 23% from the previous quarter and down 15% compared to the January to March period of 2018. Overall, just under 162,000 such actions were recorded between January and March of 2019. That is the lowest number of foreclosure actions nationally since the first quarter of 2008.

It is believed that Hurricane Michael may be one contributing factor to the big increase in foreclosures across the state. Regardless of the reasons, it is clear that many residents are struggling and in need of help. People in this position might want to connect with an experienced debt relief attorney to understand their options and how they may protect their homes, other assets and families during times of serious financial problems.