A Rise in South Florida’s Foreclosure Rate!
In a recent article by TOLUSE OLORUNNIPA published in the Miami Herald, OLORUNNIPA reports that “The foreclosure rate in Miami-Dade County rose to 18.8 percent in June, up from 17.6 percent a year earlier. In Broward, 14.6 percent of mortgage loans were in foreclosure in June, compared to 13.4 percent in June 2010.” Also, “South Florida’s foreclosure rate remains much higher than the national rate of 3.5 percent. In Miami-Dade, 25.6 percent of loans are more than 90 days overdue, down from 27.5 percent last year. In Broward, the 90-day delinquency rate dipped to 20.8 percent, from 22.3 percent last year.”
What does this rise in foreclosures mean to the South Florida Consumer? First, it’s a clear sign that the banks are working through their respective legal issues, many are settling claims with the governments and local state governments. The most important thing for consumers is to be informed and be able to get competent advise if facing foreclosure.
First, homeowners have options; the legal documents should be reviewed by an attorney experienced in this type of litigation. It is important that the banks follow the law and procedure when filling suits against homeowners. Also, even in foreclosure there are many options available to home owners. For example, modification of the existing loan, mediation with the bank, deed in lieu of foreclosure, short selling the property and others. Homeowners should take an active role in deciding what steps to take in order to bring a solution to their respective problems.
Hector A. Pena, Esq.
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