Foreclosure rates have continued to drop across the nation, but that does not mean all is well. As much as we’d like for that to be the case, having witnessed first-hand many families still struggling through the process, foreclosures continue to be a harsh reality. In fact, Florida remains the leading state for active foreclosures, according to Black Knight Financial Services.
Facts & Forecast
In addition to Florida, the top three states for foreclosure activity include New York and New Jersey. When considering homes in active foreclosure and those which have mortgages more than three months overdue, these three states account for a whopping one quarter of the nation’s total foreclosure activity. To put this into perspective, Florida’s portion of this amount alone is 145,000.
However, the report from Black Knight Financial Services wasn’t all bad news. Florida’s currently on track to make a dent in its substantial number of foreclosures. With a reduction rate of 36 percent, the state could be on-par with the national average as soon as two years from now. Whereas New York and New Jersey are set to take up to six years to reach this point.
Preparation is Key
The best defense against foreclosure is a good offense. A reputable foreclosure attorney in Miami should be contacted at the first sign of the possibility of a bank repossessing a home. If a borrower has begun missing his mortgage payments, the right attorney can assist him in choosing an alternative to foreclosure, such as a loan modification or refinancing. While the borrower has the option of consulting his lender for assistance in this situation, an experienced attorney can ensure that your rights are protected throughout the process. Additionally, utilizing an attorney when seeking a foreclosure significantly increases your odds for being granted one.
At Graham Legal, we are committed to protecting the rights of our clients and delivering advantageous outcomes. That’s why we dedicate our time to processing loan modifications of behalf of our clients — something most law firms don’t do. If you’re facing a foreclosure situation, contact a Miami foreclosure attorney at our firm today for a free consultation.