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 November 2011