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New Law Increases Foreclosures in Palm Beach County

new foreclosure law

July 2014 marks the one-year anniversary of Florida’s “Fair Foreclosure Act”. The Florida Legislature passed this law requiring, among other things, the plaintiff to confirm in their foreclosure complaint that they are in possession of all the necessary documents to support their case against the defendant. The law also referred to as the “Speedy Foreclosure Act” went into effect on July 1, 2013.

July 2014 foreclosure filings were only increased by a small percentage. But, they have gone up dramatically, 38 percent to be exact; in comparison to last year before the law took effect. 533 new cases were filed in July 2014; increasing by 7.2 percent from the 497 new cases filed in June 2014. In July 2013 there were 387 cases filed; making a leap of 37.7 percent increased cases in a calendar year. The Clerk & Comptroller of Palm Beach County gave these statistics. They also house all official records, record all mortgages and deeds for Palm Beach County. There was a substantial decrease in new cases after the law took effect. Moreover, the real estate market in Palm Beach County grew stronger because of it.

There was an increase in recorded deeds and mortgages in Palm Beach County in July 2014. In June 2014 there were 6,318 deeds recorded; in July 2014 there were 6,714 deeds, increasing by 6.27 percent. However, in July 2013 6,985 deeds were recorded, decreasing by 3.9 percent. During July 2014 3,460 mortgages were recorded; in June 2014 there were 3,036 recorded mortgages which is a 14 percent increase. However, there is a 20.6 percent decrease in July 2013 with 4,358 recorded mortgages.

Grant Street Group’s Statistics

According to Grant Street Group’s statistics, the coordinators of ClerkAuction, 795 properties were sold in the foreclosure auction in July 2014. 620 of those homes were sold back to the Mortgage Company or bank. And, third parties took the rest 175. The cancellation rate in July was at 34 perfect with 410 foreclosure sales canceled from the 1,205 original sales scheduled; which is .6 perfect less than in June with a 34 perfect cancellation rate.

If you have questions about Foreclosure, Loan Modification, Bankruptcy, Short Sale, or other alternatives, please feel free to call my office at 888-886-0020. Or, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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