2011 saw a bittersweet decline in foreclosures filings throughout the U.S. and especially in Jacksonville and the surrounding area. Although it may look like good news for the economy at first glance, in reality, it may just have had litte or no effect on home prices . We believe that one of the primary reasons for the decline in foreclosure filings was the effect of the discovery of the robo-signing that was used by many banks . New filings proceeded at a slower pace once courts and parties became aware of the increased level of scrutiny by the courts in order to obtain a foreclosure judgment.
While the level of foreclosures in Jacksonville fell, the length of time it takes to secure a foreclosure judgment rose. The national average in 2010 was 305 days, which increased to 348 days in 2011. The average wait time in Florida is much higher with an average of 806 days, which is over 2 years!
The wait time can be incredibly unnerving to homeowners as they worry each day if today will be their last day in their home. For some, the stress is simply too much to handle and they simply choose to abandon their home. You do not have to take on a foreclosure alone, contact a Jacksonville Foreclosure Defense Attorney who can help you understand the process and your options. Abandoning your home can be even more problematic as abandoned homes are often a target for thieves.
Because of the fraud that has plagued the foreclosure process throughout the U.S., the federal government stepped in to work out a deal with many banks that may help homeowners. The terms are still unclear, but it should not be too much longer before a solution is reached. If you are facing foreclosure or simply have questions about the options available to you on an underwater home, contact a Jacksonville Foreclosure Defense Attorney to discuss your situation.
