Recent data provides both good news and bad news for Florida homeowners facing foreclosure.

First, the good news: Nationwide, foreclosure filings for May 2010 were down 3.27% from April 2010, and increased only .45% from one year ago. This data translates to approximately one in 400 homes nationwide receiving a foreclosure notice last month.

For Florida, one of the States hardest hit from foreclosures, the overall news was promising. While the May 2010 foreclosure filings were up 4.76% from April 2010, the number of foreclosure filings for May 2010 was down 14% from one year ago. For Florida, this represents a ratio of one in 174 homes receiving a foreclosure notice in May 2010.

The decrease in filings might signal that the tide is beginning to turn. This is good news for both homeowners in default as well as those in good standing who have seen their property values decimated by foreclosures. The decrease in filings is also good news for Florida courts that has been severely overburdened by foreclosure filings.

Now the bad news: Bank repossessions hit a record high in May 2010. Nationwide, Banks ceased 93,777 properties, representing a 1% increase from the previous record high in April 2010 and 44% increase from a year earlier. A look around your neighborhood and real estate advertisements will demonstrate an increase in bank-owned properties.

What does it all mean? Based on the increase in bank repossessions, it appears that lenders have sent the message to their attorneys to litigate foreclosure cases more efficiently and bring them to completion. Perhaps more importantly, it appears that banks have realized that taking possession of distressed properties has become a part of their business model – like it or not.

In the past, the foreclosure process could take anywhere from one to three years, depending on a number of factors; including the county of filing and whether the homeowner was represented by an attorney. Distressed homeowners could count on having a significant amount of time from when the foreclosure process began until they ultimately lost their home, were able to work out a loan modification, short sale or other liquidation option.  However, Banks are now pressing foreclosures more rapidly. Likewise, with the decrease in filings, perhaps the court system will be better suited to handle their caseload.

For distressed homeowners, the assistance of an experienced foreclosure defense attorney is critical to preserving their rights, communicating with the bank and working out the best possible outcome from a difficult situation.

The Trueblood Law Group has a variety of payment plans available to distressed homeowners. All forms of payment are acceptable and payment plans can be arranged in most circumstances. Contact us today for a quote on estimated costs for our services. We represent clients throughout the State of Florida. Read more about our foreclosure defense practice here.

To contact a lawyer at our firm by phone, please call (954) 591-8261 or (863) 946-9160. You may also contact us by e-mail at info@truebloodlawgroup.com or by submitting your contact information here.

Read the CNN article on May 2010 foreclosure data here.

Share on Facebook