For those of you that thought the worst of the foreclosure storm was over, I have some bad news for you. Over 7,000 foreclosure actions were filed by banks in the month of November against properties in the counties of Miami-Dade, Broward, and Palm Beach. This South Florida region is witnessing an average of 233 filings per day. These numbers represent a fifteen 15 percent increase over the 6,085 filings in November 2008 and a 76 percent increase over the 3,986 actions submitted in November 2007.
While the media has shifted its focus from the mortgage foreclosure crisis to the healthcare reform debate, the real estate problem in South Florida has not gotten any better. In fact, it has gotten worse. South Florida is currently on pace for over 100,000 foreclosure filings in 2009. By comparison, in 2008 the banks filed 75,000 foreclosure actions and in 2007 there were only 33,000 foreclosure filings by lending institutions.
Common sense would suggest a slowdown in filings due to the sudden willingness of lenders to permit short sales or loan modifications, but the loss mitigation efforts are not being completed in time to prevent the foreclosure auction from occurring and more and more homeowners are finding themselves evicted with their belongings resting by the curb. It is your responsibility to slow down the foreclosure process long enough for any of these techniques to be used to save your home and your credit. It is your responsibility to hire a foreclosure defense attorney to protect you.
On a county-by-county basis, last month Broward County had the highest number of foreclosure filings with 3,305, up nine percent from 3,031 filings during the same time period a year ago. Palm Beach County had the second highest number of foreclosure filings with 1,890 in November, up 24 percent from 1,526 filings in the same month in 2008. Miami-Dade County was third with 1,808 foreclosure filings in November, up 18 percent from 1,528 filings in November 2008.
If you have missed a mortgage payment, or are worried that you might be forced to miss one in the near future, please contact our South Florida foreclosure defense attorneys for a free consultation at 954-944-2855 or via email at email@example.com.