South Florida’s foreclosure rate ranks 13th out of 212 metropolitan areas so far this year. One in 53 properties in Palm Beach, Broward, and Miami-Dade counties is in some stage of foreclosure. So far this year, South Florida has 46,559 homes in foreclosure, up 24 percent from a year ago. The number of new cases increased 34 percent from last year.
A federal report critical of a foreclosure prevention plan specifically mentions Florida as failing to set measurable goals for its Hardest Hit program. Florida was one of 18 states and the District of Columbia that received money from the Hardest Hit Fund, which was first announced in Feb. 2010. Florida’s Hardest Hit program is meant to create breathing room for homeowners looking for work or higher-paying jobs.
Seniors are Facing Foreclosure at Alarming Rates
For the first time, the nation received evidence through an AARP report of how the real estate crash is affecting its senior citizens. While older homeowners still have lower foreclosure and mortgage delinquency rates then people under the age of 50, they are increasing.
AARP’s findings include:
The story of Florida’s housing market continues to be one of foreclosures and distressed sales. It is expected that over one million distressed homes will hit the market over the next year or so. This backlog of distressed homes leads to the expectation that this increase in inventory would cause prices to plunge.
However, despite some continuing foreclosures, bank-owned homes have not hit the market in large numbers.
Florida landmark waterfront restaurant still operating while in chapter 7 bankruptcy
Back in March of 2012, two companies associated with waterfront restaurant Shooters filed Chapter 11 bankruptcy. Roscoe, LLC (DBA Shooters) and BIMA, LLC filed for bankruptcy protection following a $10.5 million foreclosure lawsuit filed by FirstBank against BIMA, LLC, the company that owns the property that both Shooters and Bootleggers sits on.
I was recently asked this question by a woman who had read my article in the Palm Beach Post regarding stripping 2nd mortgage liens in Chapter 7 Bankruptcy. She states that she saw in my article that “a new case allows the 2nd mortgage to be stripped off with a Chapter 7 Bankruptcy” and that her bankruptcy attorney filed her Ch.
Bankruptcy courts have found a new way to “count” people in your household
On July 11th, 2012, the United States Court of Appeals for the Fourth Circuit affirmed a decision by the United States Bankruptcy Court for the Eastern District of North Carolina that developed a new method of calculating household size. Before this case, there were three methods that courts looked at to determine household size.
A recent article written by CreditCards.com reporter Kelly Dilworth quotes several resources including Emil Fleysher in discussing the potential effects and implications of the new CoreScore model of credit reporting from Core Logic. Mr. Fleysher has previously written 2 articles on the topic that were posted to the FleysherLaw.com Blog. To read the full article please visit the following link…
FICO introduces new, less traditional credit score
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 954-484-9987, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
A Final Judgment can mean big problems for debtors.
A final judgment is the Judge’s final decision in a case as recorded in the files stored in the Office of the Clerk of Courts. The party that sued you and obtained the judgment is called a “judgment creditor.” The judgment creditor can obtain right to proceed against your property through writ of execution, garnishment, or other judicial process.
Bankruptcy Filings in South Florida Continue to Slide
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South Florida bankruptcy filings were down substantially in the 2nd quarter compared to last year, according to data released by the U.S. Bankruptcy Court for the Southern District of Florida. Personal bankruptcy filings (Chapter 7 & Chapter 13) in Palm Beach, Broward and Miami-Dade counties totaled 7,194 from April through June of 2012 (down 23% from 2011).
Lawyer Emil Fleysher | Featured Attorney Foreclosure
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.