The number of homes being foreclosed around the country in June dropped approximately 16 percent from the same time last year. In Florida, the drop was 13 percent, which keeps the Sunshine State in the number one spot nationwide. The state's percentage is lower than the national average, partly due to the fact that foreclosure filings in Orlando were up nearly 20 percent in the same period. Lenders sent out 2,663 notices to homeowners in the area in June.
The companies that own Brewzzi, a restaurant with two locations in Florida, have filed for bankruptcy. They are Glades Brewery Partners and Palm Beach Brewery Associates. Company representatives have filed a Chapter 11 proceeding in Bankruptcy Court, each seeking to restructure their debt.
It appears that the economy is improving, but many homeowners in Florida have yet to see it. Across the country, nearly 9.1 million homeowners owe more than 25 percent of what their home is worth. Further, many of these families are behind on their mortgage payments to the point where foreclosure is imminent. Filing for bankruptcy could provide homeowners with the time and space they need to make some decisions regarding their homes.
When financial strain becomes difficult to endure, many Florida residents consider filing for personal bankruptcy. Unfortunately, a wide range of myths and misconceptions surrounding bankruptcy lead some to postpone filing, while their debt outlook becomes even more dire. Savvy consumers will take the time and make the effort to get to the bottom of these common bankruptcy myths.
For many in Florida, economic struggles have hit home. Whether the result of a job loss, unexpected illness or other factors, many individuals and families are struggling to make ends meet each and every month. For those who are homeowners, trying to keep their home is a top priority. Loan modification may offer relief for some, but is not the panacea that many expect it to be.
Foreclosures in the U.S. are now down to pre-recession rates. According to a recent report, the rate of new foreclosure filings has fallen to its lowest level since 2006. At the same time, property values are on the incline, which has allowed many homeowners who were underwater to get rid of some negative equity and ultimately sell their houses. While things are looking up for the country at large, it is true that many people here in Florida are still struggling.
In recent years, many homeowners in Orlando have looked to mortgage modifications as a way to prevent foreclosure and maintain ownership of their homes. Banks as well as the state and federal government have programs that may help some homeowners obtain principal reductions, decreased interest rates and revised payment schedules in order to make homeownership affordable. When Florida residents consider mortgage modifications, however, they must do due diligence.
In recent years, many Orlando residents have pursued mortgage modifications in order to avoid foreclosure. Mortgages can be modified in a variety of ways. Interest rates can sometimes be lowered or changed from adjustable to fixed. It is possible in some cases to lengthen the repayment term in order to reduce the amount due each month. In other cases, homeowners are even able to negotiate a principal reduction.
When most people think of foreclosures and financial difficulties, they likely don't think of publicly elected officials having these types of problems. In the midst of the economic downturn, one Florida mayor found himself and his family facing some very real financial issues. Recent reports claim that the mayor of Coral Springs is losing his home to foreclosure. His wife came forward recently to speak about the issue.
With the New Year comes new regulations regarding mortgages. Some of these regulations might affect a consumer's ability to get a mortgage for a home. Starting on Jan. 10, 2014, banks must abide by the Dodd-Frank Act, which outlines new rules for mortgages. Florida residents might like to know how this act will change mortgage issuance by banks.