Struggling homeowners continue to use foreclosure as the financial break they need to get back on their feet and improve their financial well-being, according to a report published in The New York Times.
Foreclosure doesn't have to be an end. More and more, South Florida homeowners are finding it offers the chance for a new beginning. If you are looking to stop foreclosure in Miami or are facing foreclosure in South Florida, hiring a Miami foreclosure defense attorney can help protect your rights and the financial future of you and your family.
Homeowners facing foreclosure can often remain in their homes, rent free, for many months, which will permit them to begin rebuilding their financial lives. The glut of foreclosures and the increasing number of legal challenges, has further slowed the process. The Times reports the average borrower is delinquent for more than a year -- 438 days -- before being evicted. In 2008, the process took about 8 months.
In Florida, the average length of time spent in foreclosure is 518 days, or about 18 months. Only New York reports a longer wait, at 561 days. The length of time in foreclosure can be extended dramatically with a comprehensive foreclosure defense litigation strategy.
Still, there are pitfalls, and a Miami foreclosure defense lawyer will be able to help determine the best course of action. As we reported on our Miami Foreclosure Lawyer Blog, dues owed to homeowners associations can quicken a foreclosure action and deficiency judgments can lead to financial problems down the road.
While anger at banks over the housing crisis is fueling part of the trend, many homeowners are staying in their homes rent free as an act of self-preservation. And, with so many homeowners owing far more on their homes than they are worth in the current market, free rent is likely to be their only return on investment. Nationwide, more than 650,000 households have not made a mortgage payment in 18 months. In about one-fifth of those cases, the lender has not even begun the foreclosure process.
Click here to read The New York Times article.
If you are facing foreclosure in the Miami area, contact Barakat, Jacobs & Associates for a confidential appointment to discuss your rights. Call (305) 350-5055.