Florida is Top State for Mortgage Foreclosure Activity
The Miami, Fort Lauderdale, Pompano Beach metropolitan area ranked #2 in the nation in foreclosure activity in January, with one in 228 homes receiving some type of foreclosure filing during the month, according to a recent Miami Herald article titled “Florida leads nation in foreclosure activity.” The Ocala, Florida area held the unfortunate distinction of being ranked #1.
California dropped out of its first place position as the state with the largest number of foreclosures for the first time since January 2007, according to survey sponsor RealtyTrac.
Several factors contribute to Florida’s unwelcome number of January foreclosures, including:
- Florida requires that all foreclosures are subject to court review, as opposed to less time-consuming administrative proceedings. Courts in Miami, according to the article, are becoming more aggressive in pushing larger numbers of foreclosures through the court system in order to work through the backlog.
- Lenders are processing foreclosures more quickly in the wake of the recent regulatory settlement with five major banks and mortgage lenders. (See our earlier blog post titled, “Mortgage Foreclosure Settlement for Florida Homeowners.”)
Florida foreclosure filings tracked include default notices, scheduled auctions and bank repossessions.
Fort Lauderdale Foreclosure Defense Attorney
Choosing the best approach to protecting yourself and your family from a mortgage foreclosure involves many legal considerations. Contact Fort Lauderdale mortgage foreclosure attorney Marcy Resnik to discuss how you can defend your legal rights in a foreclosure. You can contact Ms. Resnik online or call her at 954-321-0176.
