Foreclosures in Florida…Years to Go…

Foreclosures in Florida Years to Go by Carlos J. Reyes, Esq. - Reyes Law Group

Foreclosures in Florida … Years to Go before we’re back to Normal!

On February 4th, the Florida House Subcommittee on Civil Justice heard the following: “The number of foreclosures being filed in Florida courts has tapered off, but it will be another five years before the level returns to ‘normal’.”  The prediction came from the state economic forecasters and court officials attending the meeting.  Interestingly enough, they grouped the foreclosure crisis in two waves: the first wave as involving homeowners who used “exotic” financing, like subprime mortgages, to purchase their homes, and the second wave, as homeowners hurt by the great recession that could no longer make their house payments.  This quickly placed Florida among the worst (if not the worst) state for foreclosures.

Things have gotten better than they were three years ago.  Underwater properties have dropped to around 15%, the use of “exotic” mortgages has dropped dramatically, and property values have been rising – 7% in 2014 and 5.6% expected this year.  Yet, on paper, the state still looks bad.  Florida has the largest number of properties in foreclosure and the highest percentage of mortgages in foreclosure.  And the one, lone problem indicator appears to be unemployment, which remains slightly above the national average.  Amy Baker, coordinator for the Legislature’s Office of Economic and Demographic Research, highlighted that 40% of those out of work are long-term unemployed.

While the high point for foreclosure filings was in 2008-2009 with 406,473, it is projected that for the next 5 years, foreclosure filings will run between 83,000 to 108,000 per year and we will return to the “normal” pre-crisis level of 74,864 sometime in 2019-2020.

Since many people continue to struggle, many more property owners are likely to face the sting of a foreclosure lawsuit.  We’ve already seen too many people lose their homes, “nest eggs”, or investments – in many cases because their legal team failed to have the breadth of knowledge or experience necessary to negotiate a solution to their housing problem.  Today, more than ever, you need an experienced legal team that knows litigation strategies, tactics, and procedural rules, as well as having the ability to negotiate and submit loan modification or short sale packages that have a better chance of being approved.  Having this full range of legal services is more important than ever!  When we say, we “defend your property, and preserve your rights” – we mean it!  And if you have to go to Trial, hiring the right legal team to handle each of the critical components of your foreclosure defense case and Trial is more critical than ever.

Reyes-Law-Group-Foreclosures-in-Florida-Years-to-go

Carlos J. Reyes  is the Principal of Reyes Law Group. He has been a member of the Florida Bar since 1988 and practices state-wide.  Carlos has been awarded a rating of “AV Preeminent” which is the highest possible rating in both legal ability and ethical standards by Martindale-Hubbell – a well-recognized legal resource. The RLG Legal Team also include attorneys Melissa J. Ulloa and the RLG Legal Support Team to bring you a dedicated, experienced and dynamic legal team to handle your legal needs.

We also assist clients in the areas of: Civil LitigationReal Estate LitigationResidential Purchase & SalesCommercial Acquisitions & SalesResidential Landlord-Tenant LitigationCommercial Landlord-Tenant LitigationShort Sales NegotiationsLoan ModificationsFamily LawCorporate Work, and Labor & Employment Law.

Call us for a FREE consultation at (954) 369-1993  Se Habla Español.

Visit our firm website ReyesLegal.com and review our credentials.

We are located at 150 South Pine Island Road #210, Plantation, FL 33324

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The Reyes Law Group BLOG is intended to provide information to firm clients, friends and potential clients about various legal related topics. Nothing in this BLOG should be construed as legal advice or a legal opinion. Readers should not act upon the information contained in this BLOG without seeking the advice of legal counsel.  *Past results are no guarantee of future results.

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Written by Reyes Law Group