Bankruptcy Lanigan Logo

Bankruptcy Lanigan & Lanigan, P.L.
831 W. Morse Blvd., Winter Park, Florida 32789

407-740-7379

foreclosure

mortgage workouts

Florida No. 2 in Bankruptcy & Foreclosure

Bankruptcy

Florida Bankruptcy filings in 2012 have declined gradually since 2011 according to the American Bankruptcy Institute.

Florida is No. 2 in the U.S. for bankruptcy filings behind California at the end of 2012 had the highest number of bankruptcy filings. 73% of filings were Chapter 7 bankruptcies, while the remainder were

Foreclosure

RealtyTrac has put Florida No. 2 behind California in the number of foreclosure filings in 2012 and in 2013.

Unemployment

Interesting is the fact that Florida is No. 17 in the nation for unemployment. Nevada is No. 1. North Dakota was the state with the lowest unemployment rate as of January 2013 according to the calculated risk blog.

Florida’s Quarterly Bankruptcy Filings (2011‐12) 

                     1stQ         2ndQ     3rdQ       4thQ       1stQ        2ndQ      3rdQ       4thQ

Florida    24,089    24,192    23,628   21,321    21,053    21,682    20,135    19,229
Source: 

What Is Florida’s Economic Status

What these numbers mean for Floridian’s who are having thoughts that they are the only person/business/family having financial difficulty, is that you are not alone.

While unemployment rates have dropped the economy has improved with some South Floridians finding new jobs to pay their debts. This coincides with lowered credit card rates, auto loan rates.

But on the other side of the state economic outlook, home values have dropped. Realtors are finding that in preparation of securing their financial futures families are selling large homes and moving into and buying smaller ones.

Downsizing to Save the Home

Some families taking this step are renting their larger homes out so that they can rent a smaller home and trying not to go into foreclosure. There are many options available and it’s all good when the mortgage is being paid on time.

But if a job is lost, one person becomes seriously ill or another unexpected financial situation arises it’s best to meet with an attorney to see if there is another option.

While it appears that refinancing opportunities are tightening, interest rates are low and lenders have to work much harder to offer refinancing plans to existing homeowners.

2012 Bad Lender Behavior Settlement

There was a $25 settlement in late 2012 that found the nation’s biggest lenders guilty of poor lending practices including robo-signing, predatory lending practices. The banks involved included Chase, Wells Fargo, Bank of America and many others who are now required to make extensive efforts to refinance with homeowners.

In the Fall of 2012, about 11 million U.S. homeowners owe more on their mortgages than their homes are worth, (CoreLogic Inc.) As of January 2013, 3 million Florida families had lost their homes to foreclosure.

Plan Ahead Carefully, Not Desperately

If you would like to refinance your home and find out what the options are and carefully plan ahead, working carefully with an attorney with extensive economic background and insight, call Eric Lanigan or Roddy Lanigan.

The Lanigans will work with you to do a mortgage workout which is another phrase describing a mortgage refinance. You can lower your mortgage payment, save money for other family bills and emergencies, have a second mortgage—equity line—forgiven, get a lowered interest rate and even have part of your principal forgiven.

But you will have to meet requirements and guidelines. There is no guarantee that you will be able to but it’s worth finding out before you get desperate and decide instead that renting your home out and moving your loved ones into a smaller rental.

Invest in an Hour With an Attorney

It makes better sense to do the research and work with the Lanigans and their mortgage workout agent Rich Marquez who knows how to present refinancing packages so that banks will more likely accept them. Invest in an hour consultation to find out what’s best for your financial situation. Take the guesswork out of your family’s future.

Contact the Lanigans by calling to make an appointment. You can find out in a brief legal consultation for an attorney’s fee whether you should keep your home, sell it, file bankruptcy, defend against foreclosure or whether you qualify for a mortgage workout. 

Previous post:

Next post: