Stalling foreclosure? Florida is a top runner - Stay in Your Home

Real Estate Appraiser with

I recently read an article in the Florida Realtors online blog ( ) about how Florida is #2 in the nation for longest foreclosure process.  Can you guess who is #1?  New York!  

I lived in New York too and remember their court processes and how often they favored the tenant, the homeowner, etc.   I guess on one had this is a good thing because it can protect the consumer, giving them longer to make other arrangements, try to resolve the situation, etc.   

On the other side of the coin, however, is the investor.  Weather that is the bank, an institution of some sort or an individual, getting an asset (or in this case likely a liability) back into the stream of commerce – eventually is a good thing for the neighborhood.

As an appraiser, I often see vacant home after vacant home with no “For Sale” sign in front.  I find later these are in the process of foreclosure and the occupants have vacated.  What a sad story for all parties when this happens.  I have a couple in my own neighborhood.  The home now sits vacant, grass is dead, weeds abound and papers piling up in the driveway.  Some neighbors go and clean it up some every now and then.  But they are obviously eye sores in the community.  

I often think, “Where is this family now?”  They are paying rent somewhere likely. 

Here’s some advice – if you don’t have to move….DON’T !  

I would rather see an occupied home in a neighborhood being cared for until the day you HAVE to move out.  If you are just going to move to another home in the zip code – why pay rent when you can live for ‘free’ until the process is complete?   Take that rent money and put it into the lawn care and keep the utilities going.  One day, sure, you will have to vacate as the foreclosure comes to a close.  But until then – it actually HELPS the neighborhood instead of having another home in LIMBO.

As mentioned in the article above, “Foreclosure typically isn’t making a profit, it’s minimizing a loss,” says Rick Sharga, senior vice president at Realty Trac. “It’s hard to get the (investors) who own the notes excited about spending more money to execute a foreclosure. Ironically, the longer these things take, the more it costs.”  

So if you are a homeowner, take advantage of this window.  Save up some money and get ready for the changes about to come.  But in the meantime, know that STAYING can actually help the neighborhood appear more stable and help your neighbors maintain some of their own property value.

Good luck!


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Charlie Ragonesi - Big Canoe, GA
Homes - Big Canoe, Jasper, North Georgia Pros

The issue will become lenders slowing lending or charging higher rates when they cannot foreclose. In the end consumers will lose. So I do not think Fl and Ny are doing the consumer a service

Jan 07, 2011 02:59 AM #1
Richard D. Ferris - Clermont, FL
Florida State Certified (FHA) Appraiser

I'd agree - the "trickel down" effect can certainly reach to regions far beyond the local economy!

Jan 07, 2011 03:02 AM #2
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Richard D. Ferris

Florida State Certified (FHA) Appraiser
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