According to the latest numbers from the Mortgage Bankers Association "problem loans" in the mortgage system are down from 2010 levels, foreclosures remain at extremely high levels and mortgage delinquencies have barely changed since the first quarter of the year. So what does this mean? While some states seem to have figured out a way to "fix" their foreclosure and mortgage systems, other, like Florida, continues to be mired in the middle of the foreclosure mess.
The Mortgage Bankers Association statistics show that Florida's percentage share of the foreclosures nationally is 23.7%, nearly one quarter of all foreclosures across the U.S.! In fact, Florida's 466,454 foreclosures is greater than the total number of loans in 22 states. As many people familiar with foreclosure processes understand, states with non-judicial foreclosure process get from beginning to end much more quickly than states with judicial foreclosure processes. Eight of the ten states with the highest percentage of mortgages in foreclosure are judicial foreclosure states.
While some industry experts say that judicial foreclosure processes are bad and just temporarily prevent the inevitable, a Jacksonville Foreclosure Defense Lawyer believes the benefit far outweighs the costs. After proof of corners being cut by the banks, including thousands of "robo-signed" documents, all precautions to prevent those sort of actions should be taken. If you are facing a Florida Foreclosure Lawsuit, contact Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to see what foreclosure defense options may be available to you.
