Foreclosure On The Rise In Florida, Foreclosure Lawyers Report

Written by lisaspitzer on . Posted in Debt Relief Blog, Foreclosre News

FORECLOSURE ON THE RISE HERE IN FLORIDA

 The Foreclosure Facts

Banks repossessed 11% more homes in May than in April, potentially a sign that they, too, want to unload homes in a strong market.

Bank repossessions increased in 33 states, with some seeing a big jump.

Florida, Nevada, Ohio post the highest state foreclosure rates so far this year. A 20 percent monthly increase in foreclosure activity in Florida pushed Florida’s Foreclosure rate to the highest among the states in May, up from the No. 2 ranking in April. One in every 302 Florida housing units had a foreclosure filing during the month, nearly three times the national average. Florida foreclosure starts jumped 39 percent from a two-year low in April, but were still down 17 percent from a year ago. Scheduled foreclosure auctions in Florida increased 6 percent from the previous month and were up 79 percent from a year ago, while Florida bank repossessions increased 14 percent from the previous month and were up 20 percent from a year ago.

In North Carolina, repossessions were up 60% in May from April. Oregon saw a 57% jump, and Wisconsin and Illinois, a 44% increase.

Given the shortage of inventory and rising home prices, banks have little motivation to hold back on any foreclosures.Overall, foreclosure filings — which include default notices, scheduled auctions and bank repossessions — were up 2% in May from the 75-month low in April. Filings were down 28% from a year ago. Repossessions, which numbered almost 39,000 in May, are the end of a foreclosure, but foreclosure starts mark the beginning of a process that can take years. In May, foreclosure starts nationwide were up 4% from April but down 33% from a year earlier. However, 14 states saw foreclosure starts increase from last year. In some of those states, courts or legislatures slowed the foreclosure process to make sure they were done correctly following revelations in 2010 that many weren’t. As a result, those states tend to have more distressed homes still in the market. In New Jersey, foreclosure starts in May were up 82% from a year ago. Nevada starts were up 81% year-over-year. New York starts jumped 13% year-over-year. Despite the jump in activity in some markets, the housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures. Nationwide, home prices were up 12.1% in April year-over-year.

Tight inventories of homes for sale in many markets are helping to drive the rapid increases, economists and real estate experts say.

However, there are signals that the inventory crunch has bottomed. Nationwide, the number of for-sale listings on Zillow was down 12% as of June 2 from a year ago. But that’s less severe than the almost 18% shortfall recorded

Fair Debt Collections Helpline, Fair Debt Collection Lawyers

Written by lisaspitzer on . Posted in Debt Relief Blog, Your Debt Relief Lawyer Blog

In Florida there are certain laws that govern what creditors can and cannot do when they are attempting to collect a debt. This is called the Fair Debt Collections Act. Collectors can use alot of tactics which are actually against the law. If you are a victim of these tactics call our Fair Debt Collection Helpline and speak to a fair debt collections lawyer. A collector cannot: make embarrassing calls to you at work, call your neighbors, Tell you you will go to jail if you do not pay up, tell you they are a government agency, tell you that they will seize, garnish or sell your property, tell  you that you will be arrested or imprisoned; threaten to tell  credit information to any other person; lye about being employed by or from a credit bureau; tell you that you have committed a crime by not paying the debt , act like  they are lawyers, use of a false or made up name; or  refuse to disclose who they are and the purpose of the call. Fair Debt Collection Act Overview  What types of debt collection practices are prohibited under the Fair Debt Collection Practices Act? –Use of threats of violence or harm against the person, property, or reputation –Publishing a list of consumers who refuse to pay their debts or advertise your debt (except to a credit bureau) or give false information about you to anyone –Repeatedly using the telephone to annoy someone or telephone people without identifying themselves –Falsely implying that they are attorneys or government representatives or misrepresent the involvement of an attorney in collecting a debt –Falsely implying that you have committed a crime and will be arrested if you do not pay your debt –Giving a false name when they contact you or falsely represent that they operate or work for a credit bureau –Misrepresenting the amount of your debt or claim they will seize, garnish, attach, or sell your property or wages, unless the collection agency or creditor intends to do so, and it is legal to do so If you have been harassed by a collector and they have used these tactics call us to speak to a fair debt collections practices lawyer and learn about your legal rights under the Fair Debt Collections Act. –Indicating that papers being sent to you are legal forms when they are not or indicate that papers being sent to you are not legal forms when they are or send you anything that looks like an official document from a court or government agency when it is no –Claiming that actions, such as a lawsuit, will be taken against you, which legally may not be taken, or which they do not intend to take. –Collecting any amount greater than your debt, unless allowed by law –Using obscene or profane language –Depositing a post-dated check prematurely –Taking or threatening to take your property unless this can be done legally –Making you accept collect calls or contacting you by postcard –Calling your employer, neighbors, friends and relatives and revealing your delinquency to them [A delinquency can be revealed to a co-signor.] If you are being harassed for a debt and any of these tactics are being used call our Fair Debt Collections Helpline today and speak to a fair debt collections lawyer. You may be able to make a claim against them under the Fair Debt Collections Act and receive compensation. You have the right to sue the debt collector. If a debt collection agency has violated the the law, the FDCPA gives you the right to sue the debt collector. Our fair debt collection attorneys work on a contingency and when you have one of our debt collection lawyers on your side all contacts must go through him or her. The harassing  debt collection calls will stop.

 In trouble from an online payday loan?  You might not have to repay it

Florida Foreclosure on the Rise, Foreclosure Defense Helpline

Written by lisaspitzer on . Posted in Debt Relief Blog

Florida foreclosure is on the rise according to the Sun Sentinel. Highest rates of foreclosure appear to be in South Florida. The South Florida counties include Dade, Broward and Palm Beach and the cities  as far south as the Florida Keys, Homestead, Miamai, Miami Beach, Hollywood, Fort Lauderdale, Boca Raton, Coral Springs, Deerfield Beach, Delray Beach, Boynton Beach, West Palm Beach as well as smaller communities. Foreclosure on the rise in Stuart, Vero Beach, Port St Lucie> Okeechobee, Daytona, Melbourne, Titusville, Jacksonville, Kissimme, Orlando, Ocala and across thru Winterhaven, Tampa, Clearwater, and Ft Myers.

South Florida foreclosures increase in August

By Paul Owers September 13, 2012 11:55 AM

Foreclosures in South Florida and across the state continue to increase following a slowdown last year.

Broward County experienced a 29 percent increase in the number of foreclosure starts in August compared to the same time a year ago, according to the RealtyTrac listing firm said. In Palm Beach County, the number of new cases jumped 35 percent.

RealtyTrac of Irvine, Calif., monitors public records for foreclosure starts, scheduled auctions and bank repossessions.

Florida had the nation’s second-highest foreclosure rate after Illinois, with one in every 328 housing units receiving a notice last month. Foreclosure starts rose 26 percent in the Sunshine State from August 2011.

Lenders temporarily halted many new cases in 2011 after bank employees admitted under oath that they used faulty paperwork to repossess homes. Banks have since resumed those foreclosure filings, five years after the crisis began.

“This is not winding down quite yet,” said Daren Blomquist, a spokesman for RealtyTrac.

The Federal Housing Finance Agency announced this week that San Diego-based Pacifica Companies was the winning bidder on 699 foreclosed homes across Florida. Pacifica made an initial payment of $12.3 million and will share in the ongoing cash flow of the properties.

It was the first bulk sale announced as part of a government program to unload foreclosed properties.

Meanwhile, California research firm CoreLogic on Wednesday said more than 10.8 million homes nationwide are worth less than the mortgages, down from 11.5 million a year ago.

In Palm Beach County, 42 percent of homes are “underwater,” while 44 percent of Broward homes are worth less than what’s owed.

If you are in trouble and fear losing your home call the Foreclosure Defense Helpline today.
7050 W. Palmetto Park Road, Boca Raton, FL 33433
Attorneys who cover Boca Raton, Delray Beach, and Palm Beach County
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Attorneys who cover: Lake Worth, West Palm Beach, Jupiter, Stuart,Port St Lucie, Okeechobee, Belle Glade, Vero Beach, Palm Bay Palm Beach, Martin, St Lucie and Indian River counties
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Attorneys who cover Miami, Hialeah, Miami Beach and the Florida Keys including all of Dade and Monroe counties
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Attorneys who cover  Jacksonville, Jacksonville Beach, St. Augustine, Orange Park all of Northeast Florida including Marion Sumter, Flager and Duval counties. Also Attorneys who cover Northwest Florida including: Tallahassee, Pensacola, Panama City and Starke.

Now Is the Time to Refinance, Florida Affordable Refinance Helpline

Written by lisaspitzer on . Posted in Debt Relief Blog

Home Affordable Refinance Programs, Refinances, Purchases,Reverse Mortgages Help is here for you.
What are the refinancing Programs ?

 Home Affordable Refinance Program (HARP)

If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through MHA's Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

Florida Mortgage helpline is currently launchng a program to help with mortgage modification and refinances.

 Reverse Mortgages

The Home Equity Conversion Mortgage (HECM) is FHA's reverse mortgage program, which enables you to withdraw some of the equity in your home.  The HECM is a safe plan that can give older Americans greater financial security. Many seniors use it to supplement Social Security, meet unexpected medical expenses, make home improvements and more.  You can receive additional free information about reverse mortgages in general by contacting the National Council on Aging at (800) 510-0301 or downloading their free booklet, "Use Your Home to Stay at Home," a guide for older homeowners who need help now. It is smart to know more about reverse mortgages, and decide if one is right for you!

1. What is a reverse mortgage?

A reverse mortgage is a special type of home loan that lets you convert a portion of the equity in your home into cash. The equity that you built up over years of making mortgage payments can be paid to you.  However, unlike a traditional home equity loan or second mortgage, HECM borrowers do not have to repay the HECM loan until the borrowers no longer use the home as their principal residence or fail to meet the obligations of the mortgage.  You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.

2. Can I qualify for FHA's HECM reverse mortgage?

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

3. Can I apply for a HECM even if I did not buy my present house with FHA mortgage insurance?

Yes.  You may apply for a HECM regardless of whether or not you purchased your home with an FHA-insured mortgage.

4. What types of homes are eligible?

To be eligible for the FHA HECM, your home must be a single family home or a 2-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.

5. What are the differences between a reverse mortgage and a home equity loan?

With a second mortgage, or a home equity line of credit, borrowers must have adequate   income to qualify for the loan, and they make monthly payments on the principal and interest.  A reverse mortgage is different, because it pays you – there are no monthly principal and interest payments.  With a reverse mortgage, you are required to pay real estate taxes, utilities, and hazard and flood insurance premiums.

6. Will we have an estate that we can leave to heirs?

When the home is sold or no longer used as a primary residence, the cash, interest, and other HECM finance charges must be repaid.  All proceeds beyond the amount owed belong to your spouse or estate.  This means any remaining equity can be transferred to heirs.  No debt is passed along to the estate or heirs.

7. How much money can I get from my home?

The amount you may borrower will depend on:

    Age of the youngest borrower
    Current interest rate
    Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price; and
    Initial Mortgage Insurance Premium–your choices are HECM Standard or HECM SAVER

You can borrow more with the HECM Standard option. In addition, the more valuable your home is, the older you are, and the lower the interest rate, the more you can borrow.  If there is more than one borrower, the age of the youngest borrower is used to determine the amount you can borrow.  For an estimate of HECM cash benefits, select the online calculator from the HECM Home Page. Many online reverse mortgage calculators can provide you with an estimate of the amount of funds you can borrow.

8. Should I use an estate planning service to find a reverse mortgage lender?

FHA does NOT recommend using any service that charges a fee for referring a borrower to an FHA-approved lender.  You can locate a FHA-approved lender by searching online at www.hud.gov or by contacting a HECM counselor for a listing.   Services rendered by HECM counselors are free or at a low cost.  To locate a HECM counselor Search online or call (800) 569-4287 toll-free, for the name and location of a HUD-approved housing counseling agency near you

9. How do I receive my payments?

You can select from five payment plans:

    Tenure- equal monthly payments as long as at least one borrower lives and continues to occupy the property as a principal residence.
    Term- equal monthly payments for a fixed period of months selected.
    Line of Credit- unscheduled payments or in installments, at times and in an amount of your choosing until the line of credit is exhausted.
    Modified Tenure- combination of line of credit and scheduled monthly payments for as long as you remain in the home.
    Modified Term- combination of line of credit plus monthly payments for a fixed period of months selected by the borrower.

10. What if I change my mind and no longer want the loan after I go to closing?  How do I do this?

By law, you have three calendar days to change your mind and cancel the loan.  This is called a three day right of resciession.  The process of canceling the loan should be explained at loan closing.  Be sure to ask the lender for instructions on this process.  Mortgage lenders differ in the process of canceling a loan.  You should ask for the names of the appropriate people, phone numbers, fax numbers, addresses, or written instructions on whatever process the company has in place.  In most cases, the right of rescission will not be applicable to HECM for purchase transactions.

call the Florida Mortgage helpline now for refinancing, reverse mortgage and purchases in We have Florida mortgage helpline representatives iready to help you for the following Florida cities: Belle Glade, Boca Raton, Bonita Springs, Boynton Beach, Bradenton, Cape Coral,  Clearwater, Coral Gables, Coral Springs,  Daytona Beach, Deerfield Beach, DeLand, Delray Beach ,Fort Lauderdale, Fort Myers, Fort Pierce, Fort Walton Beach, Gainesville, Haines City, Hallandale Beach, Hialeah, Hollywood, Homestead, Immokalee, Jacksonville,  Key West, Kissimmee, Lakeland,  Largo, Melbourne, Merritt Island, Miami, Miami Beach,  Naples,  New Smyrna Beach, Ocala, Orlando, Ormond Beach, Palm Bay, Panama City, Pensacola,  Plant City, Pompano Beach, Port Charlotte, Port Saint Lucie, St Cloud, St. Petersburg, Sarasota, Spring Hill, Starke, Tallahassee, Tampa, Tarpon Springs, Titusville, Venice, Vero Beach, West Palm Beach, Pensacola, Winter Haven, Winter Park,

 

Foreclosure Defense Helpline Florida, Foreclosure lawyers

Written by lisaspitzer on . Posted in Debt Relief Blog

Foreclosure defense Helpline and  Foreclosure Lawyers.Foreclosure defense lawyers thru-out Florida ready to help you if you are losing your home. A foreclosure defense lawyer can help you fight a bank foreclosure
Foreclosure defense Attorney Network has  a  Foreclosure Helpline for People  losing their home. Foreclosure Defense Helpline can connect you with a Foreclosure lawyer   to help you fight the foreclosure process

FOR IMMEDIATE RELEASE

PRLog (Press Release) – Feb 29, 2012 – With the country still in economic straights more and more people are facing foreclosure. A loan modification is the first step in preventing foreclosure. If you have missed this crucial step foreclosure defense is your next option. The Foreclosure Defenses and loan Modification Helpline is exactly that. It is a resource for people in fear of losing their home. The line is monitored by a social worker not a lawyer or a law firm intake person. According to the Foreclosure  helpline" a social worker is best equiped to deal with people initially who are undergoing foreclosure  stress". First come s the calming stage then comes the action stage". " Our callers are frightened and many of them never thought this would ever happen to them"' They cannot even think straight and need guidance to the next step which is getting them to a foreclosure defense lawyer". " Many of our callers are actually afraid of lawyers"."they are calling with a notice from their condo Board lawyer, Bank , Lending institution or have come home to a lock box on theor door". They need foreclosure defense help and they need it Fast."

This is a new concept.  Foreclosure Defense Attorney Network has expanded to a series of Networks and Helplines for people. Serious times cause for serious actions. People seem to need help, A Foreclosure  Defense helpline is the sign of the times. The Foreclosure Helpline can be reached at 1 877 522 2123 The Foreclosure defense helpline operates in:

Foreclosure Attorney in Belle Glade, Boca Raton, Bonita Springs, Foreclosure defense Boynton Beach, Bradenton, Cape Coral,  Clearwater, Coral Gables, Coral Springs,  Daytona Beach, Deerfield Beach, DeLand, Delray Beach ,Fort Lauderdale, Fort Myers, Fort Pierce, Fort Walton Beach, Gainesville, Haines City, Hallandale Beach, Hialeah, Hollywood, Homestead, Immokalee, Jacksonville,  Key West, Kissimmee, Lakeland,  Largo, Melbourne, Merritt Island, Miami, Miami Beach,  Naples,  New Smyrna Beach, Ocala, Orlando, Ormond Beach, Palm Bay, Panama City, Pensacola,  Plant City, Pompano Beach, Port Charlotte, Port Saint Lucie, St Cloud, St. Petersburg, Sarasota, Spring Hill, Starke, Tallahassee, Tampa, Tarpon Springs, Titusville, Venice, Vero Beach, West Palm Beach, Pensacola, Winter Haven, Winter Park, Foreclosure defense lawyers ready to help you.

Are We Headed For Another Round Of real Estate Declines? Foreclosures?

Written by lisaspitzer on . Posted in Debt Relief Blog

Homes for the price of a car
By Erika Riggs, Zillow
April 2, 2012
  

A house for the price of an SUV? That’s plausible, given the dip in housing. But a home for the price of a Ford Fiesta?

Whoa. Now there’s a value-bending proposition.

While most people don’t think of real estate in prices relative to that of a car, there are houses in some parts of the United States that are for sale with listing prices just like what you’d see at an auto dealership.

And we’re not talking about a house priced at the median home value of $150,000, which is akin to the sticker price of an Aston Martin. The homes featured below compare more favorably to standard highway fare: Nissans, Hondas, Fords, etc.

Some of these properties are distressed sales — either foreclosed or in the midst of a short sale — and some need a little renovation, but that’s still a pretty impressive given that they’re all comparable to the price of a new car. Are we ready for another real estate decline and more foreclosures?

Today, more than 6 million homeowners are behind in their mortgages and foreclosures rose in 21 states. Tampa, Florida alone, just had a 64% rise in foreclosures.  In other words, the “Floodgates are opening up on foreclosures, and there’s no way slowing the wave down.” In 2012, we will have more foreclosures processed than the all-time high in 2010. If you need a foreclosure defense lawyer call our Foreclosure defense helpline today.

Debt Relief Attorney Helpline, Debt Consolidation programs

Written by lisaspitzer on . Posted in Debt Relief Blog

Having trouble paying your bills? Getting dunning notices from creditors? Are your accounts being turned over to debt collectors? Are you worried about losing your home or your car?
You're not alone. Many people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation doesn't have to go from bad to worse.

If you or someone you know is in financial hot water, consider these options: realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy. Debt settlement is yet another option. How do you know which will work best for you? It depends on your level of debt, your level of discipline, and your prospects for the future.

Debt Relief Attorney Network Debt Settlement Services

Debt settlement is a debt relief strategy for those who can afford to pay something towards their debts, but not the full amount, and for those who want to avoid filing bankruptcy.

Debt Consolidation Programs                                                                                                                                                                                                                   Debt consolidation is a process of replacing multiple debts with an affordable single monthly payment. It helps you lower your interest rates and monthly payments. This in turn assists you get out of debt with ease. Call our debt consolidation department today.

MAKING HOME AFFORDABLE Mortgage Modification Programs

Making Home Affordable (MHA) is the Obama Administration's initiative that helps struggling homeowners get mortgage relief through a variety of programs that aid in mortgage modifications, interest rate reductions, refinancing, deferred payment or transitioning out of your home while avoiding foreclosure. Before you begin, please explore the available programs and learn more about MHA. The more you understand your options, the easier it will be when you speak to a housing expert or your mortgage servicer. Call our mortgage modification department today. 

 Foreclosure defense

                                                                                                                                                                                                   Foreclosure is a specific legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.A Florida homeowner facing foreclosure has options. There are actually a number of ways to effectively prevent foreclosure, and an attorney can help you understand these as they apply to your particular situation.

 

Loan Modification Helpline, Helping People Losing Their Homes

Written by lisaspitzer on . Posted in Debt Relief Blog

The loan ModIfication helpline is here for you if you are in jeopardy of losing your home. Get A Florida  Loan Modification lawyer right away to find out if you can take the first step to saving your home.
Our loan Modification Helpline  and loan modification lawyers can help you
Avoid Foreclosure with the following options :
• Loan Modification
• Lower payment, defer arrears
• Repayment Plan
• Repay arrears over months
Avoid Losing Your Home • Court reorganization plan
• Short Sale
• Sell home for less than you owe
• Deed In Lieu
• Walk away and owe nothing
• Foreclosure Refinance
• Get A Brand New Mortgage
• FORECLOSURE DEFENSE
• Special personalized options
 
What is a mortgage  loan modification?

 A loan modification, mortgage modification, restructuring, or workout plan, is when a borrower of a mortgage loan works with their lender to change the terms of their mortgage loan.  Usually in an attempt to lower monthly payments. A laon modification lawyer can help with this. This  modification  plan can result in temporary or permanent changes to the mortgage rate, term and monthly payment of the loan. The plan’s goal is to help the borrower reduce their monthly mortgage payments to 31% of their gross income. The goal being  to keep you in your home.

Get a Loan Modification lawyer

  • Lenders are  hard to deal with.  A Loan Modification lawyer can help you get the results you want from your lender and talk the talk that will get results.
  •  A Loan Modification lawyer  will review your case from a lawyers  perspective. They know how to deal with your lender, and will help you prepare your applications. They are familiar with specidic lenders.
  • Loan Modification lawyers get  results. Your lender will take your Loan Modification request more seriously when you have a lawyer on your side.An Attorney uses legal information as leverage when negotiating. A lawyer knows waht to say and when and is more experienced in negotiations
  •   A Loan Modification lawyer can stop the foreclosure proceedings, giving you more time to  get money together while he concentrates on saving your home.

 

If you are in fear of losing your home contact our loan modification helpline today for a loan modification lawyer.
 

States With Highest Foreclosure Rates, Florida is #1

Written by lisaspitzer on . Posted in Debt Relief Blog

States with the most homes in foreclosure
By Michael B. Sauter, Charles B. Stockdale, and Ashley C. Allen, 24/7 Wall St.
February 13, 2012

Five major U.S. banks accused of foreclosure abuses have agreed to a $26 billion settlement with the government, the largest payout from banks arising from the financial crisis. The amount, which will include aid from banks in the form of loan forgiveness and refinancing, is intended to help homeowners avoid mortgage default and foreclosure. Most economists believe this is a step in the right direction, albeit only a small one.

Homeowners in at least 49 states represented in the agreement will benefit, though some states have more homes in trouble than others. California, one the hardest-hit states in the foreclosure crisis, will reportedly receive mortgage relief of up to $18 billion. Based on Corelogic’s national foreclosure report, 24/7 Wall St. identified the states with the highest foreclosure rates.

Many of the states with the highest foreclosure rates experienced the worst of the housing crisis. However, analysis by 24/7 reveals that the primary driver of higher foreclosure rates is a lengthy foreclosure process.

Nearly all of the states with the highest rates also have the longest foreclosure periods. The average foreclosure process for the nation is 140 days. The average foreclosure process for the eleven states with the highest foreclosure rates is 220. As a result, many homes foreclosed in 2011 in these states were actually at the end of a process that began more than a year ago. New York, one of the states with the worst foreclosure rates, has an average processing period of 445 days.

The reasons why the foreclosure processing period is longer in these states is because it usually involves the court system. Judicial foreclosures are handled by the court and usual include filing motions and seeking a final judgment from a judge. Nonjudicial foreclosures, which tend to take less time to process, are governed by state law and do not require court intervention. Nine of the 11 states with the highest foreclosure rates have a judicial-only foreclosure process.

While some of the states with high foreclosure rates have had substantial improvements in their economies, others continue to be hit hard. In Nevada and Florida, two states with the highest foreclosure rates, homes lost roughly half of their value over the past five years — and prices are still falling. Foreclosures that began several years ago and that are still active cannot be the only reason nearly 12% of Florida’s homes with mortgages were in foreclosure last year. Home prices in the state fell nearly 50% over the past five years, unemployment remains extremely high, and 17.4% of people with mortgages in the state were 90 days or more late on their mortgage payments.

24/7 Wall St. reviewed housing data provided by Corelogic to rank the states that had the highest percentage of homes with mortgages that were in foreclosure in 2011. Corelogic’s report also provided the percentage of homeowners that were delinquent on their mortgages for 90 days or more last year. In order to highlight the conditions of these state economies and housing markets, we included unemployment rates from the Bureau of Labor Statistics and home price changes from Fiserv-Case Shiller.

Check out the five states with the most homes in foreclosure:

5. New York
2011 foreclosure rate: 4.6%
December, 2011 unemployment: 8% (23rd highest)
Home price change (2006Q3-2011Q3): -13.6% (23rd largest decline)
Processing period: 445 days

New York’s processing period for foreclosures is 445 days — by far the longest among all states. This could explain why the state has such a high foreclosure rate for mortgaged homes. And although New York’s housing prices didn’t decline as much as in other states, the 13.6% decline since the third quarter of 2006 is still quite large. Moreover, home prices are forecast to decrease among the most in the country over the next year and drop nearly 6% by the third quarter of 2012.

4. Nevada
2011 foreclosure rate: 5.3%
December, 2011 unemployment: 12.6% (the highest)
Home price change (2006Q3-2011Q3): -59.3% (the largest decline)
Processing period: 116 days

For Nevada, things aren’t going well. Its already dismal economy and housing situation are still getting worse. Nevada didn’t experience a glut of foreclosures last year because the state has a particularly lengthy foreclosure process. Between the third quarter of 2006 and the third quarter of 2011, the median home value in the state tumbled by nearly 60%. By the third quarter of this year, Fiserv-Case Shiller projects home prices will fall an additional 13.9% — by far the worst drop in the country. Nevada has the worst unemployment rate in the country, at 12.6%, and 13.4% of mortgage owners were delinquent on payments for 90 days or more last year.

3. Illinois
2011 foreclosure rate: 5.4%
December, 2011 unemployment: 9.8% (7th highest)
Home price change (2006Q3-2011Q3): -29% (7th largest decline)
Processing period: 300 days

Home prices in Illinois have dropped 29% from the third quarter of 2006 — one of the largest declines in the country. It also takes 300 days to process foreclosures in the state. And Illinois residents are not lining up to pay off their mortgages either. The state’s 90+ day delinquency rate for mortgage payments is 9.2%, the fourth highest in the country.

2. New Jersey
2011 foreclosure rate: 6.4%
December, 2011 unemployment: 9% (13th highest)
Home price change (2006Q3-2011Q3): -22.6% (14th largest decline)
Processing period: 270 days

New Jersey has one of the longest foreclosure processing periods in the country at 270 days. The state also has a 90+ day delinquency rate of 10.6%, which is the third highest rate in the country. On top of this, the state’s housing market is not expected to rebound for some time. In fact, home prices are forecast to decrease an additional 3.9% by the third quarter of 2012.

1. Florida
2011 foreclosure rate: 11.9%
December, 2011 unemployment: 9.9% (6th highest)
Home price change (2006Q3-2011Q3): -49% (3rd largest decline)
Processing period: 135 days

Florida Has the Highest Foreclosure Rate

Written by lisaspitzer on . Posted in Debt Relief Blog

Florida Has the Nation’s Highest Foreclosure Inventory
by Evan Bedard on February 8, 2012 in Real Estate

(Source: By Paul Owers, Sun Sentinel, Fort Lauderdale, Fla.) – Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

Roughly 12 percent of all homes with a mortgage in the Sunshine State were in some stage of foreclosure as of December, virtually unchanged from a year ago. New Jersey is second (6.4 percent) and Illinois third (5.4 percent). The national average is 3.4 percent.

About 17 percent of Florida homeowners are 90 days late on their mortgage payments. That also tops the nation.

Other highlights:

• Lenders completed 83,268 foreclosures in Florida during 2011. Since January 2006, 483,374 foreclosures have made it through Florida courts.

• Nationally, 1.4 million homes, or 3.4 percent of properties with a mortgage, were in the foreclosure process as of December.

• Lenders completed about 830,000 foreclosures nationwide last year, down from 1.1 million in 2010.

Roughly 12 percent of all homes with a mortgage in the Sunshine State were in some stage of foreclosure as of December, virtually unchanged from a year ago. New Jersey is second (6.4 percent) and Illinois third (5.4 percent). The national average is 3.4 percent.

About 17 percent of Florida homeowners are 90 days late on their mortgage payments. That also tops the nation.

Other highlights:

• Lenders completed 83,268 foreclosures in Florida during 2011. Since January 2006, 483,374 foreclosures have made it through Florida courts.

• Nationally, 1.4 million homes, or 3.4 percent of properties with a mortgage, were in the foreclosure process as of December.

• Lenders completed about 830,000 foreclosures nationwide last year, down from 1.1 million in 2010.

Call Debt Relief Attorney Network for a loan modification, foreclosure defense, or debt consolidation lawyer today