The coronavirus pandemic spiked the number of people looking for living space. This invariably caused an increase in demand for single-family homes. High demand, low-interest rates, and supply constraints contribute to soaring home prices. Due to this, many individuals have resorted to taking loans to offset their housing bills. The inability to meet loan payments has prompted lenders to file for foreclosure.
As a result, foreclosure filings have experienced a surge across the country. Foreclosure rates in Miami rose by 124.5%, from 7,851 in the first six months of 2021 to 17,624 in the first half of 2022. Florida ranked sixth for the highest foreclosure rate on a per-home basis. The Sunshine State has over 17,000 homes in foreclosure, with California trailing behind at 16,000 homes.
The U.S. Census Bureau surveyed in 2020 estimated that 56.7% of homeowners in Florida pay a mortgage, ranking it as the 11th state with the smallest mortgage share. Are you affected by the increasing foreclosure rates in Miami? Find out everything you need to know about foreclosures in Miami and how Arturo R. Alfonso, P.A. can help you be ready for all areas of your Florida real estate legal needs.
Arturo R. Alfonso P. A Can Help With Foreclosures
You don’t have to go through foreclosures alone. Let our foreclosure law firm in Miami, Florida, walk you through this legal process. Many legal jargons are used when negotiating deals and signing contracts. If you’re not quite acquainted with these terms, you need to hire the services of a foreclosure firm to help you understand.
Why You Should Seek Legal Help
Typically, the lender will consider the house’s condition and offer you a loan if you can’t afford their mortgage. But there are situations where lenders fail to do this, and issues regarding foreclosures may arise. This can occur even after pausing loan payments or filing for bankruptcy.
A foreclosure law firm in Miami, Florida, can represent you in court. Usually, foreclosures are extensive legal proceedings that you may not understand, except a foreclosure company helps you. The attorney in charge of foreclosure will work with you, do the paperwork, and sometimes represent you in court.
Want to know more about foreclosure rates in Miami? Are you searching for a foreclosure firm within your area? We’re just a call away. Our team has the expertise and vast knowledge of foreclosure. Besides that, we also specialize in bankruptcy law, real estate law, and family law. Our clients come first, and we do our best to give you the best representation in court. So let’s help you with foreclosure. Contact us today. Our team is available 24/7 to provide you with all the support you need.