Foreclosed homes to be rehabilitated for new buyers in South Florida

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The playing field is starting to even out as first time buyers are going to have first choice at properties of $175,000 or less thanks to Neighborhood Stabilization Initiation Program.

The housing organization in South Florida have been given the opportunity to purchase over 2,000 homes in foreclosure that could ultimately end up with individual homebuyers. The Federal Housing Finance Agency stated it is broadening its Neighborhood Stabilization Initiation to South Florida and 17 other metro areas across the nation.

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Foreclosures in South Florida are Gradually Improving

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Florida was one of the states hardest hit by the housing crash, but things are looking up for South Florida.

New foreclosures dropped dramatically across South Florida last month, though the number of repossessed homes by banks has increased as the courts are clearing up the dockets. According to RealtyTrac, there has been a 53 percent decline since November of 2014 in foreclosure filing in South Florida.

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Broward’s Foreclosure Division Needs Senior Judges

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After damaging budget cuts, loss of staff, and downsizing of judges, Broward County’s foreclosure division will need to borrow from less affected circuits by the housing market their allocation of senior-judge days .

Broward County’s foreclosure division is going to need all the help it can get in the next few months to keep its head above water. After several layoffs, harsh budget cuts, and the county taking a huge hit during the collapse of the housing market, it is going to take nothing short of a miracle for the thousands of foreclosure cases to work through the already clogged dockets.

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Any information on this website is not intended to be communicated as legal advice. All information contained on this site is general and intended for information purposes only. For detailed legal advice regarding your loan modification, foreclosure, and/or bankruptcy needs, please schedule an appointment with the attorney. The Law Office of Emil Fleysher, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.