by evolveAdmin | Nov 28, 2011 | Foreclosure Defense
The length of time between initial filing and completion of a Florida foreclosure continues to grow. On average, the process now takes 749 days, or a little over two years. By comparison, the national average is 366 days. Only two states have longer completion periods than Florida – New York takes the number one spot at 986 days with New Jersey coming in a close second at 974 days. The long processing period is largely due to the fact that Florida foreclosure laws, unlike those in most states, require judicial approval of foreclosures. Combine that with the fact that Florida is home to a disproportionately large share of the country’s foreclosures, and you have a perfect recipe for big backlogs and long waits. The duration of a Florida foreclosure proceeding is not expected to shorten any time soon, as initial filings continue to grow. October’s initial filings were seven percent higher than the same time last year. October also marked the third straight month of increases in foreclosure filings after a temporary slowdown caused after regulators discovered that mortgage companies and loan processers had behaved improperly. Long Wait Gives Florida Homeowners Options The long delay can, in many cases, be a good thing for Florida homeowners facing foreclosure. The two-year window gives homeowners time to consult with a Florida foreclosure attorney and work out a plan to either save their home or minimize the financial impact of the foreclosure. Some homeowners may want to pursue loan modification. The federal government has recently relaxed rules for entry into federal loan modification programs, and lenders are showing increased willingness to work with homeowners...
by evolveAdmin | Nov 18, 2011 | Foreclosure Defense
Orlando had spent almost a year outside the dreaded top-ten metropolitan areas for foreclosures, but October 2011 marked Orlando’s reentry to the top end of the list. From September to October of this year, Orlando-area homeowners saw a 36 percent increase in foreclosure filings. Good News, Bad News According to the Orlando Sentinel, September was the first time since November 2010 Orlando has been on the list. While nationwide foreclosures were up only seven percent, in Orlando they rose 36 percent. The good news is this is still down 41 percent from a year ago. What this may indicate is that lenders have overcome some of the defects in many of the foreclosures they filed in 2010. Those defects eventually led to many mortgage holders placing a moratorium on new foreclosure filings, until they could fix the deficiencies in many of the filings. Lenders Return To Court Now that they have their documents properly back in order, they may be beginning to ramp up their filings. The further bad news is that the ample supply of foreclosed properties will continue to exert downward pressure on housing prices. If you have fallen behind on your mortgage and want to attempt to save your home, you may have options other than losing your home to your lender. A short sale or loan modification may be a possibility or a Chapter 13 bankruptcy filing may offer a solution. An Orlando foreclosure defense and bankruptcy attorney can review your mortgage and your finances and let you know if a Chapter 13 could help you save your house. Source: Orlando Sentinel, “Orlando back in Top 10 for foreclosure filings,” 10...
