Too many Boca Raton residents know how stressful the foreclosure process can be. Data from the real estate market tracking firm RealtyTrac Inc. indicate that the number of foreclosures has fallen to pre-recession rates, but the CEO of the company says that Florida homeowners are not out of the woods yet.

"Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year," the CEO said.

The delay was attributed to the "robo-signing" scandal in which many of Florida's biggest mortgage lenders were caught foreclosing on properties without the appropriate documentation or verification. Although courts delayed foreclosure actions until mortgage lenders could get their act together, growing numbers of Florida residents will see foreclosure actions being filed or re-filed against them.

There are many options for individuals facing foreclosure but sometimes bankruptcy is the best option for homeowners. A Chapter 13 Bankruptcy filing can stop the foreclosure process even if a mortgage lender has a judgment against you and wants to sell your house.

A Chapter 13 Bankruptcy is a way for people with large amounts of debt to get on a repayment plan that will allow them to pay off their debts within three to five years. When a court approves a bankruptcy plan, a mortgage holder can pay back late mortgage payments according to the plan and save his or her home from foreclosure. Additionally, a bankruptcy repayment plan can stop the accrual of massive late payment fees and interest charges.

Source: Associated Press, "2011's foreclosure rate lowest since pre-recession," Jan. 12, 2012