Florida Foreclosures Continue to Increase

Despite some recovery, Florida foreclosures continue to escalate at a rapid rate.

2012-09-06

September 06, 2012 (Press-News.org) Florida Foreclosures Continue to Increase

In the last 12 months, home prices have increased in Miami, Fort Myers and other Florida resort communities. Despite the improvement in house prices, Florida foreclosures continue to escalate at a rapid rate. Economists warn that the sudden upswing in home value is not a sign that Florida's foreclosure crisis is over.

In fact, Florida's distressed property inventory is estimated at 1.1 million. That number includes:
-530,000 homes where the mortgages are 90 days delinquent and subject to foreclosure
-200,000 Real Estate Owned (REO) properties that have been taken back by banks since 2007 and have not yet been sold
-371,000 properties where the foreclosure proceedings are stalled due to the post-Robogate litigation currently before the Florida Supreme Court

Economists opine that the when the impending foreclosures and shorts sales occur, the housing prices will stop going up.

Supreme Court Litigation Has Not Stopped Banks from Foreclosing on Homes

The pending Florida Supreme Court litigation on foreclosure fraud has done little to slow down foreclosures. The case directly relates to the robo-signing scandal that revealed bank employees were engaging in improper practices by signing off on legal foreclosure documents without confirming the accuracy of the documents. A practice that is illegal. The Florida case, Roman Pino v. Bank of New York Mellon, is deciding whether or not banks that filed the fraudulent "robo-signed" documents can voluntarily dismiss those documents and restart the foreclosure process with new and accurate documents.

Despite the pending litigation, banks are still foreclosing on properties without the proper paperwork. Lenders are not waiting to see the outcome of the Supreme Court and are potentially fraudulently foreclosing on many Florida homeowners.

If you are facing foreclosure, talk to an experienced foreclosure defense attorney. An experienced attorney will be able to identify instances of lender violations in the foreclosure process. An attorney will also be able to explain bankruptcy options and whether or not filing for bankruptcy will stop the foreclosure.

Article provided by McIntyre, Panzarella, Thanasides, Hoffman, Bringgold & Todd, P.L.,
Visit us at www.mcintyrefirm.com

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[Press-News.org] Florida Foreclosures Continue to Increase
Despite some recovery, Florida foreclosures continue to escalate at a rapid rate.

Florida Foreclosures Continue to Increase

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