Just when news about foreclosure actions was starting to take a turn for the better, we end up with one of the worst months in foreclosure actions in over a year. According to Realtytrac, foreclosure filings increased in October by 15 percent. This month over month activity has not been seen in the US since March 2010.
“What does this mean for me as a Boca Raton resident”?
Locally in Florida, our month over month numbers have not raised as sharply as Oregon or North Carolina. In fact, Florida has taken second place for national foreclosure filings with approximately one out of ever 450 housing units with a foreclosure action. However, we have two Florida cities, Miami and Tampa, in Realtytrac’s list of the five US metros with the highest foreclosure rates.
“That’s great Florida seems to be primed for a foreclosure recovery”!
The numbers are promising, and we are happy to see the number of housing units in foreclosure action fall. However, some experts caution getting too excited about the recent drop in foreclosure filings in Florida. A few experts have pointed to a possible reason foreclosure filings have been slow in Florida; this was due to the foreclosure HB 87 being passed last year. HB 87 is a way to fast track foreclosure the bill does require banks prove more during the initial pleading stages. Since HB 87’s passage, it could be a logical reason for some lenders to study the new law before proceeding as usual.
If you are behind on your payments and facing foreclosure, make sure you hire an attorney who can effectively defend your rights. Here at SEM Law Group Law we are continuously up-to-date in this ever-changing area of law. SEM Law Group can assist you with your defense, as well as your loan modification, short sale, and even defend a deficiency judgment, all at affordable rates. Call us today for your “no obligation” free consultation, and let us discuss how we can help you. Whether you are currently in foreclosure or pre-foreclosure, you are not without defenses or options so call us today and let us help you get back on track.
We Offer Foreclosure Defense In Boca Raton