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There were 84 foreclosure filings for homes in Wellington in the zip code of 33414 according to RealtyTrac.
In the zip code 33449 for the Olympia subdivision which was annexed into Wellington there are 148 homes in one stage of foreclosure or another but only one of those homes is for sale as a bank owned foreclosure property.
There are a total of 881 homes and properties in Wellington that are under some form of foreclosure status.
These numbers don't jive in normal processing conditions. There are two things going on that are affecting these stats.
1. People are getting served foreclosure lis pendens filings. That part is obvious by the 881 homes under that category. However, those people are not going through the process of foreclosure and are living in their homes and not paying their mortgage payments.
One of the reasons is that the banks are not thrilled about foreclosing on homes in Wellington. The Village of Wellington is super strict on code compliance. The banks reason that as long as there are people living in the homes those people in most cases are taking care of the home and the yard. They are keeping it free from rat infestations, sewage problems and unkempt yards.
The code compliance officers slap violations faster than you may think. Then those fines start to pile up. If the bank tries to sell a home they foreclosed on with all those liens, the Village of Wellington will not negotiate those fees downward. The banks must take care of bank owned properties in Wellington. If they fail to pay the fines then the Village of Wellington will foreclose on the property if it is vacant. Then the city will fix up the house and put it on the market for sale.
The banks already tried to pull the city's bluff but lost. So they backed off from foreclosing on properties in Wellington.
2. The second reason is that the court system is clogged. I personally don't mind. We don't want to change the laws because right now, Floridians have good property rights and retain title until the deed is stripped through a judicial process. This protects innocent homeowners who are paying their mortgage against mishaps with the banks. We know of those, don't we! If it is slow to proceed through the system then let that be. That is in the homeowners' favor.
So this tells us also that there are about 800 homes at least that could become listed as short sales in Wellington.
We are closing on one of our listings at the end of this month where the owners have not made a mortgage payment in three years. The bank is even approving them for HAFA where they will get $3000 at closing to help them move.
We just closed on another short sale listing that we have where the owners did not pay their mortgage payment for over 2 years. These homeowners also qualified for $35,000 incentive money directly from their lender to do the short sale.
This is the best way for the banks to move these non paying assets off of their books. They can incentivize the homeowners to sell their homes as short sales and then they don't have to go through the final foreclosure process.
If you are behind on your mortgage payments one day you will have to pay the piper. You can pay by losing your home to foreclosure holding out until the sheriff knocks on your door or you can call us to list your home as a short sale and perhaps get some money from your lender to help you move.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.