We are thrilled to see mortgage foreclosure rates continue to fall. Sarasota-Manatee foreclosure rates have been falling steadily since 2015. The regions foreclosure rate fell to 1.57%, down from a high of almost 3% at the start of 2015.
Falling mortgage foreclosures are a bellwether for the health of the collection industry. As more and more people maintain their hold on their home, and their equity, they gain the economic stability to make firm commitments to take care of past due debts. A roof over your head is always first priority for someone upside down on debt. Rarely will you collect a debt from a person as they face losing their home.
As living becomes more stable, debt collection efforts become more productive. This is very welcome news for us. This is even more welcome news for our creditor clients as we are a Florida based Creditor’s Rights Attorney.
