Foreclosures are dropping in South Florida, but a change in laws and the settlement of issues with the filing of Florida foreclosures has changed the landscape of foreclosure. Contact a Miami foreclosure lawyer if you think that filing for foreclosure is an option for your situation.
Foreclosures rates have plummeted in South Florida and throughout the country at the start of 2011, but do not make the mistake of taking this as a sign of a rebounding housing market , RealtyTrac Inc. said recently. It seems that the amount of foreclosure instances are dropping due to foreclosure delay in processing are believed to have been caused by “robo signer” lawsuits raised last year, according to the well known foreclosure listing firm.
A RealtyTrac spokesman says they expected numbers to come back up in the first part of the year, but instead are facing the fact that this is a much larger problem than they expected. In fact, experts expect foreclosure activity is likely to increase towards the end of 2011 as lenders clear up the problems and then get to work filing foreclosure cases that have been on hold since the issue was first raised.
Broward county had 6,876 local properties in foreclosure, which is a shocking 68 percent less than the first part of 2010. Palm Beach County had 4,734 homeowners in the process of foreclosure, down almost 60 percent from the same period of last year. Florida’s over all foreclosure activity is down over 60 percent from last year. But at the same time, the state ranked number eight in nation’s largest foreclosure filings. Nationwide, foreclosure filings fell to the lowest rate in three years in the first few months of the year. They dropped almost 30 percent during the same period of last year. RealtyTrac said.
Lewis Goodkin, a South Florida housing analyst for several years does not expect there to be any change in the rate of foreclosures. Even though employment rates are just starting to rise, drops in housing prices in the last half-decade have left many homeowners upside down on their mortgages, owing far more on their loans than the properties are worth. Many of these people have decided to walk away from their homes and add to the number of foreclosures on the market. Goodkin insists that mortgage lenders should lessen strict lending requirements that result in making it impossible for the average home buyer to purchase the distressed homes which would help the market recover. Lenders must now hire consultants to figure out if foreclosures were improperly initiated, and then banks also must also decide how to provide restitution to affected homeowners.
Housing experts believe this agreement might make mortgage companies consider working to help homeowners obtain a loan modification or short sale that would likely reduce the number of foreclosures.
As the housing market that continues to change, you need a Miami foreclosure lawyer on your side. The laws change nearly daily, and only a Miami foreclosure lawyer can help you figure out your options. If you think that you are at risk of foreclosure, make sure you do not try to weather the storm on your own.
South Florida foreclosures fall in first quarter, by Paul Owers, April14th 2011