Foreclosed homes to be rehabilitated for new buyers in South Florida

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.

Since the beginning of December, housing groups have been given the opportunity to purchase properties valued at $175,000 or less before making them available to the general public.

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Foreclosures in South Florida are Gradually Improving

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. In November there were just 831 foreclosure law suits in Palm Beach, Broward and Miami-Dade Counties.

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Broward’s Foreclosure Division Needs Senior Judges

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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South Florida’s Zombie Foreclosures Have Plunged

Zombie foreclosure, or abandoned properties that are going through the foreclosure process, have had a dramatic decline in South Florida in the past year. According the RealtyTrac’s Zombie Foreclosure Alert, there has been a 46 percent decline in Zombie Foreclosure during the second quarter of litigation, which translates to about 7,021 properties. An attorney from Royal Palm Beach attributes this to higher knowledge of the law.

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Supreme Court Declares 2nd Liens Can’t be Stripped in Chapter 7 Bankruptcy

Banks win out after the Supreme Court ruled on Monday that homeowners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien when the amount owed by the senior lien surpasses the current amount of the collateral if the homeowner’s claim is both allowed under the bankruptcy code and is secured by a lien.

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South Florida Had An Increase Of Foreclosure Activity In March

According to a study by RelatyTrac March had an increase of foreclosure activity, reversing months of declines. February had 4,577 filings in the tri-county area but during March the foreclosure filings went up to 6,329 for the tri-county area. The filing counts as a repossession, a judgment, or a new foreclosure lawsuit. Broward County was at the top of the tri-county area with 3,169 foreclosure filings during March.

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Personal Bankruptcy Petitions Drop in March

Personal bankruptcy filings have dropped 16 percent between February and March throughout South Florida. This is according to the Sun Sentinel with data that was released in Miami by the U.S. Bankruptcy Court. There were 2,389 new bankruptcy petitions filed by South Florida residents in February but only 2,008 files in March. Personal bankruptcies have lowered by 32 percent, dropping from the 2,969 filed in March 2010.

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February Shows Major Improvements for Foreclosures

A 35 percent decrease in new foreclosure filings can be seen in Broward and Palm Beach counties, showing how the improving economy and higher home prices are benefiting homeowners. In February 2014 Palm Beach County had 342 new filings, February 2015 only 223. Last year Broward County had 690 new filings in February but in 2015 there have only been 448 new filings.

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Reset of Loans Causes Increase in Home-Equity Payments

As interest-only periods expire on loans begun during the housing bubble era, 3.3 million homeowners will be facing higher payments during the next four years on home-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled at $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is rising threat over the amount of new defaults due to the new monthly bills increasing an average of $146.

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‘70s Pop Star Files Bankruptcy

The 64-year-old former teen idol pop star David Cassidy has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Fort Lauderdale where he owns a waterfront property. Mr. Cassidy reported debts included credit cards bills of almost $40,000, a mortgage of nearly $300,000, and a substantial amount in accountant and attorney fees. Judge Raymond Ray is assigned to the case.

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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.