Recently, Realty Trac reported that Florida’s foreclosure numbers declined by more than 35% from last year. However, Florida still ranks as the highest state in the nation based on number of foreclosures.
Other reputable sources reveal that there are still some half million homes in the state of Florida that remain in some form of pre-foreclosure. Without doubt, there is a new wave of foreclosures on the horizon as interest only loans obtained in 2005 will begin to have principal payments kick in. Moreover, many short term loan modifications granted during the foreclosure crisis are also beginning to phase out. With these changes on the horizon and a somewhat sluggish housing recovery, underwater homes will remain prevalent.
If you or a loved one is struggling to keep up with your mortgage, give the Tampa real estate attorneys at DeWitt Law Firm a call for a free consultation. It is important to remember that you have options, and we can help. Call us today.