Banks Working to Bring Down Doral Foreclosure Rate

Banks Working to Bring Down Doral Foreclosure Rate

Doral foreclosure comes in for special mention as Florida ranks just after Nevada as the state with the highest rate. Primarily, the counties of Broward and Miami-Dade that are experiencing the highest foreclosures in recent months with Osceola County topping the list with one in 57 homes up for closure. Close on the heels is Lee County that is seeing similar percentages with the situation very bad according to some leading real estate developers around the area. If one looks at the total picture in the US, things are gloomy.

Nearly 342,038 homes coast to coast are in some stages of foreclosure or have received notice for defaulting on mortgage payments. The national figure is one out of 374 homes that have been hit.

You can’t blame all the homeowners for this scenario as unemployment has risen remarkably with job losses and layoffs being the order of the day. To arrive at these numbers, the foreclosure notices to homes and the number of repossession by banks had been taken into account. Among the states across US, Florida is one of the worst hit with a 37% rise in foreclosures in the last few months.

Compared to last year, the rate has spiked 75% and nearly 1 home in 135 has been hit. The major reason for Florida being in the news was the phenomenal rise in the number of notices served to defaulting homeowners. Due to legal nettles, foreclosures were down 7%, but that didn’t bring down the steps taken for foreclosures.

The problem is huge and the residents are suffering due to a spike in Doral foreclosure. To ease the problem and allow some leeway to defaulting homeowners in these troubled times, the Florida Supreme Court is looking at mediation possibilities between banks and homeowners. The idea is to get the banks to evaluate each case on its merit with individual homeowners.

Unless the mediation is complete and the results reveal a clear yes or no, the homeowners wouldn’t be served with foreclosure notices. It was primarily meant to arrive at a stage after mediation and loan modifications. It is expected to bring down the miseries of homeowners affected by Doral foreclosures.

Looking at alternative ways to alleviate the miseries and also find out ways to modify the loan repayment plans are believed to bring down the rates of the Doral foreclosure.