Jacksonville Foreclosures Down in November
In recent blog posts, we discussed how foreclosure rates have increased from a year ago. However, homes in some stage of foreclosure are down nearly 42% from last November.
One of the major reasons fewer homes are in foreclosure has to do with lenders not being able sell these homes at foreclosure auctions. Therefore, lenders are forced to maintain possession of the property and continue paying property taxes and other expenses on these homes. More and more lenders have offered alternatives to foreclosure such as deed in lieu of foreclosure and short sale agreements.
If the borrower qualifies for a deed in lieu of foreclosure, the lender will offer to release the borrower from personal liability on the mortgage if the borrower(s) sign over the deed to the property.
Short sale agreements have to do with the lender accepting offers from buyers in which the offer is lower than what the borrower owes on the mortgage. Afterwards, the lender should release the borrower from any personal liability on the mortgage. If you are currently facing foreclosure you should consult with an experienced attorney to discuss your options. To learn more about this article, please visit Jax foreclosures drop 42% in November.
If you have a question about foreclosure or bankruptcy, contact Wood, Atter & Wolf, P.A., a Jacksonville, Florida law firm.
