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Wednesday, September 26, 2012

Top 5 States For Foreclosures

Since the housing crisis erupted in 2007, Florida has been among the top five states in the country for foreclosure activity. While the housing market has improved in Florida in recent months, it still holds an unenviable position in the top states for foreclosures.

The top states, in order, for the first half of 2012 include Nevada, Arizona, Georgia, California and Florida. Two factors collided in these states that continue to slow the housing recovery. They are overbuilding and questionable lending practices. Even though years have lapsed since the initial housing crash, the fallout ramifications in the construction industry are still strong in these states. Employment is still down, demand for homes continues to be soft, and lenders have tightened the requirements for mortgage qualification.

How a Foreclosure Attorney Helps
If you’ve been hard hit by the housing crisis and find the prospect of losing your home is real, consider an Orlando foreclosure attorney who can help you. Your foreclosure doesn't have to be inevitable. An attorney can explain the process and lay out options that may save your home; short of that, an attorney at your side can lessen the negative impact on your credit rating and future financial obligations. Since the housing market in Florida is showing some strength, having an attorney at your side may be instrumental in keeping your property.


It may be that the best option you have for saving your home is through a loan modification. Negotiating directly with your lender can be fraught with delays, misplaced paperwork and misunderstandings. An Orlando foreclosure attorney is in a better position to monitor the process between you and the bank, eliminating any surprises down the road. The lawyer may also be able to negotiate a short sale for you, staying on top of the transaction between the participating Realtor and your lender.


The foreclosure attorney in Orlando could also advise you to walk away from your home, if it makes no financial sense to stay there. Being thousands of dollars underwater may take a long recovery. Continuing to make payments that are a significant drain on your resources is not always a smart financial move. Having an attorney at your side provides protection against the lender from engaging in activities that could hurt you in the future.



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Jessica is the writer behind Sweet Southern Mama. She is the mother of 2 adorable kids- Aidan, 7 and Adisyn, 5. She lives in Kentucky with her fiance and kids. She loves designing blogs, reading, writing, crafting, all things electronic, photography, and spending time with her family.

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