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FORECLOSURES TRIPLE - What's Next

In a report issued today from the Palm Beach Post, Palm Beach County had 1 foreclosure filed for every 371 homeowners. Surpassing that was St Lucie County with 1 for every 306 households. The October average for Florida was 1 in 273 (new filings for foreclosure).

Prices for homes in Palm Beach, Martin and St. Lucie counties have been dropping precipitously in recent months. But homeowners have mostly tried to hold on to boom-time prices, hoping for a turnaround - or at least for things to stabilize.

For too many, however, holding on to a mortgage they can't afford in hopes of a buyer bailout has led to foreclosure. The article states. Find the article at: http://www.palmbeachpost.com/business/content/business/epaper/2007/12/13/m1a_FORECLOSURES_1213.html?imw=Y

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@FLORIDA-COUNSEL.COM - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers with Short Sales

Posted by Richard Zaretsky, Florida Real Estate Attorney on 12/13/2007 07:36 AM

Comments (4)

foreclosures, foreclosure attorney, short sale, foreclosure lawyer, loan work out, mortgage foreclosure palm beach, negotiate with lender

4 Comments on FORECLOSURES TRIPLE - What's Next

DEC

2007

Your post reminds me of a client of mine who insists that he wants to stay in his house and wants me to negotiate a loan modification for him - he is so upside down. he bought the house in 2005 at $315k, today it comps $250 - $270k. He is more than $24,000 behind in payments and that doesn't include attorney fees, etc. He hasn't saved a dime in the last 9 months of no mortgage payments.

He wants to keep his house - his concern is that he will have a deficiency judgment! He thinks the lender is playing hard ball with him................ Geeez.