For years, Floridians have struggled with the negative effects of rising property taxes. During the recession, some Florida families were hit so hard by plummeting home values and burdensome taxes that they were driven into foreclosure.
Foreclosure can be a devastating process with long lasting psychological effects. Last month in the UK, a man killed himself after fighting a wrongful foreclosure for several years. In our own backyard, Florida remains the single worst state in America regarding percentages of mortgages in foreclosure according to The Miami Herald (5/30/12). Put simply, of all 50 states, Florida has the highest percentage of mortgages facing foreclosure (about 12%, New Jersey is a distant second with only 6%).
This staggering number is directly related to the poor economy and aided strongly by the presence of a property tax percentage that makes it difficult to do business, build, maintain, and live. The influence of foreclosures is a damaging and direct one, and felt by the individual and the surrounding economy alike. As folks struggle to pay their mortgage, other bills fall by the wayside, properties aren’t cared for properly, property values decrease, and finally, with foreclosure, credit scores take a major hit and personal finances are damaged, often beyond repair. Not only is the individual harmed, but the surrounding areas and economy are debilitated. When businesses and other properties are foreclosed on, everyone suffers.
Have you or someone you know experienced the devastating effects of foreclosure? Tell us your story below…