The Future of Foreclosures in Florida
Posted in Foreclosures on January 25th, 2010 by admin – 2 CommentsWhile the current recession languishes on, some states are suffering from a huge backlog of foreclosures in the process and large numbers of foreclosed homes on the market. Florida is one such state, having the third highest mortgage payment delinquency rate behind both the sunshine state of California and the silver state of Nevada.
Florida’s foreclosure rate for 2009 was up by 29% over the previous year, which was in itself up over 100% from the previous year. There are almost half a million pending foreclosures in Florida currently and the court system is clogged with them.
The Supreme Court of Florida has recently issued an order which will require foreclosures to go through a managed mediation process that will help to alleviate the pressures on the court system and provide some solutions to many home owners.
When managed mediation is ordered the program is paid for by the complainant, up to approximately $750. The success rate for cases that go to mediation is around 75%; a successful mediation is generally one that results in a mortgage modification. Mediation is helping to settle many cases, many within 3 months, clearing up the bottle neck that’s become such a problem in the court system.
Until such time as the waves of foreclosures that have swamped the Florida market subside though, there will be many foreclosure properties available in the Florida area, particularly in south Florida. At this time read more