Florida Foreclosures - Florida Home Foreclosures
Adjustable rate mortgages or ARM's have been the cause of the huge foreclosure rate that we currently see in our country. As the economy took a turn for the worse so did these types of loans. They began to rise making it harder and harder for home owners to pay their monthly payments. Florida happens to be one of the worst states for foreclosures. Florida foreclosures have been on the rise since 2005.
What is the Government Doing for Florida Home Foreclosures?
Since gas costs almost $4 a gallon, which has caused food prices to skyrocket and just about everything else to be raised, a lot of people have found themselves having trouble surviving and making their monthly mortgage payment. Bush tried to create a plan that would allow one million homeowners to use tax exempt bonds to avoid foreclosure, but as with everything else Bush has tried, it did not work. This leave the government out of it and they have done nothing to help the citizens of Florida that are facing home foreclosures.
Did you know that over 30,000 properties in Florida are currently facing foreclosure? The rate of foreclosure in Florida rose by over 7.5% from January to February. One out of every 254 homes in Florida is facing some type of foreclosure and in the worst area, Fort Myers, it is as high as 1 out of every 86 homes.
There is hope though
The governor of Tallahasse, Charlie Crist, is working on developing a plan called HOPE that is scheduled to be completed this August. This plan will help consumers avoid foreclosure and will help new home buyers avoid mortgages that are bad for them and bad for the economy. The idea is to help those that own property so that others can buy property correctly and help spur the economy in Florida.
The governor is trying to get to the bottom of the Florida home foreclosures and find a solution to the problem. It is time that more governors and more states started to develop plans to help the foreclosures in their areas. Florida foreclosures are not the only ones out there and those great people of the other 49 United States of America need help too.
| 