Foreclosure numbers better, but still fairly high

It’s tempting to think that the foreclosure crisis has passed. It’s been long enough, for example, that a recent Oscar-winning film, “The Big Short,” has been made about the housing bubble’s burst in 2008, leading to millions of foreclosures and causing a major hit to the economy.

While that movie depicts historical events, the fallout from the mortgage crisis continues to be felt today, especially in Florida. Real estate in Florida is always hard to predict, and a lot of homeowners who have been keeping their heads above water in spite of a bad mortgage might finally be at a breaking point.

If you have lost your job or have other debts, such as credit card debt or medical bills, that has been keeping you from keeping current on your mortgage, you could be on a path toward foreclosure if you don’t do something to change it. Losing your home to foreclosure can make a bad situation even worse.

Overall, the news in Florida seems to be improving. Foreclosure inventory, the homes that have entered the foreclosure process, has declined nationwide, especially in Florida. Even so, 2.3 percent of Florida homes are included in the foreclosure inventory, which is fourth in the nation. And more than 5 percent of Florida homes are considered to be seriously delinquent, which means a foreclosure could ensue if the homeowner can’t turn things around

Filing for bankruptcy might make sense for you in certain situations to allow you to keep your home, restructure your payments and get on with your life.