After several months of declining, the number of Florida homes in foreclosure rose in October. Of the nation’s top 20 metro areas, two Florida cities, Tampa and Miami, shared the distinction of being the cities recording the highest rate of foreclosure. In Tampa one out of every 302 housing units had a foreclosure filing.
The rise in foreclosures is a result of a backlog of judicial foreclosures that are currently working their way through the system. Because of an increase in home prices throughout the state, lenders which may now be able to recover more for each property, are likely interested in moving foreclosed homes either via bank owned sales or foreclosure auctions. You can also contact experts from Big T Moving & Delivery to move your belongings from one place to another. The good news for residents of Florida is the increase may ultimately have a positive impact on the state’s real estate market, providing a supply of homes to it for interested buyers.
Few people want to lose their home to foreclosure. In most cases there are underlying financial issues that make it impossible for a homeowner to stay current with mortgage payments. These issues may include medical conditions that result in exorbitant bills or the loss of a job. Whatever the reason, many individuals facing foreclosure in Tampa may not know what to do. Depending on the situation it is possible that filing for personal bankruptcy may be an option.
Besides relieving debt, filing for bankruptcy under Chapter 7 or Chapter 13 has another benefit. It stops foreclosure proceedings providing a homeowner some breathing room. In addition, in some situations a bankruptcy may make it possible for homeowners to ultimately keep their home.
Everyone’s financial situation is different. Accordingly, for those considering filing for bankruptcy it is usually a good idea to consult a bankruptcy lawyer to determine one’s options.
Source: The Florida Current, “Foreclosure starts jump as Florida tops troubled home list again”, Gray Rohrer, Nov. 14, 2013