FL Foreclosures Reach Record High

As your resource for foreclosure defense in Melbourne, we stay current on news concerning foreclosures in Florida. Recently statistics were released concerning the number of foreclosures in Florida as of March 2014. Nick Timiraos explores the implications of these statistics in his recent Wall Street Journal article.

According to statistics the volume of foreclosed properties in Florida held by Fannie Mae and Freddie Mac had reached a new high by the end of this past March. Though the record numbers of foreclosures in Florida may seemingly indicate a worsening foreclosure crisis, it may not be as simple as that. Because Florida law requires the mortgage companies and banks to repossess property through the court of law, Florida has experienced an immense backlog of foreclosures in the court system. In order to speed up the process, back in 2010 bank attorneys attempted to submit forged documents. As the scandal became exposed, banks began withdrawing their cases in order to properly resubmit them. It is likely that the influx of foreclosures is due to those long delinquent mortgages.

If you are currently undergoing a foreclosure, don’t attempt to handle it alone. At Yardley Law Firm we are experienced in defending foreclosures and may be able to help keep you in your home longer. Contact your Melbourne, Florida attorney today.

Share

Related Posts