Foreclosures Maintaining a Low Profile This Season (Part I)
Posted in Foreclosures, November 9th, 2009
In Brevard County the number of foreclosures fell drastically in October, this year. On a monthly basis this decline took place third time in a row. Compared to 688 foreclosures in September in the last month there were only 603 foreclosure filings in the county. In fact, the September figure is a deterioration of a hefty 963 foreclosures in March.
Previously, the foreclosure filings featured such a fall in last November with only 568 suits. Other than this, the December filings for 2007 were as low as 569 when the actual foreclosure process took place. A usual trend throughout the state can be noticed regarding this decline in the number of foreclosures. according to Hope Now, a non-profit alliance of credit counselors, this year during the second quarter there were 87,523 foreclosure suite filings made in Florida. In the months of July and August there were 52769 foreclosures and so the number of foreclosures for the whole of third quarter amounted to 79000 foreclosures.
It’s an irony that the number of foreclosures filings fell exactly when the number of felonies in loan repayments has increased. During the months of July-August the number of mortgages all over the state numbered to 271,981 and all these were delinquent for approximately 60 days at a stretch. According to the Mortgage Bankers Association, Florida was worst hit among the states in terms of mortgage payments as the monthly delinquencies featured at 22.8%.
The working out of a solution between the lenders and the borrowers is one of the reasons why the number of foreclosures has gone down. Shari Olefson being a Fort Lauderdale real estate attorney and author of ‘Foreclosure Nation’ observed that, “I would say the banks are putting more effort into workouts up front. I think borrowers are starting to get more realistic, too.” According to Olefson more homeowners have come to realize that their loan amount wouldn’t be reduced and loan modification is not a very feasible option. Olefson observed that, “If you can’t afford the payments, no matter how much you love your house, it is not your dream home. It is somebody else’s dream home.”
According to the Hope Now data the number of deals being worked out is increasing as during the second quarter of this year at least 42,567 repayment schemes have been worked out by the lenders and borrowers in Florida alone to help the delinquent homeowners to catch up with their payments.
