Foreclosure rates are still high in general, but every month we continue to see nationwide improvements. According to the Black Knight Financial Services report recently released, foreclosures are down 14.59 percent in a year-over-year comparison, which makes this the 26th consecutive month that foreclosures have decreased.
Florida remains in the top five slowest recovering states with the third highest number of foreclosures at 11.18 percent. Of course, Florida’s slow recovery can partially be blamed on the judicial process; it is not surprising that it is amongst the states with the highest foreclosure rate. Basically, the process allows homes to stay in the foreclosure process for several years, particularly if being defended by an attorney.
Ultimately, we all have the same goal in mind; we want residential foreclosures to decrease. Ideally we prefer to assist homeowners in avoiding foreclosure, by finding alternative solutions prior to the lender filing a suit. If our client is unable to avoid a suit, the next best option is to find an alternative resolution.
If you’re facing foreclosure and don’t know which options are available, contact our office to schedule a free consultation.