More foreclosure news. Other than the fact that this story is broken down into 6 separate pages which means you need to click 6 times to read the whole thing, it is pretty interesting. This, like the article about the cook, is a real time view of what is happening out there in the world of foreclosures. This article examines one court in Southwest Florida, which is typical of any other foreclosure court in the state. When it was written this month the court was scheduled to hear 110 cases that day. It seems like here too with foreclosures, the media might have gotten a bit ahead of themselves.
Despite the fact that foreclosures are at their lowest rates since 2006 in Palm Beach and Broward County (that was blogged about the other day right here!), and new laws passing that speed up the foreclosure process, the courts are still so clogged that the wait for cases is still around 3 years. This has not changed since the crisis began 7 years ago and there is no sign of this changing any time soon. It examines why many people are there, how the cases get recycled so to speak due to mistakes, missing info, etc. only to have to be refiled at some point. In fact, it says that 44% of cases that are dismissed without final judgment must be heard again at some point. They examine a few of the cases being heard that day and the circumstances surrounding them. It ends with a great uplifting story that is not something you expect in an article about foreclosure.
Alma Thomas, a 76 year old single grandmother was there facing off against People’s Choice Home Loan who gave her a loan back in 2006. After having the case dismissed twice before due to lender errors, the lender didn’t show up for the hearing. Case dismissed again, meaning it becomes recycled again with the entire case needing to be refiled, 5 years after it was originally filed. There is a picture of her walking out of the court with a nice smile on her face. A small victory to be sure, but definitely one for the people.
Orin Rosenfeld
President
Rosenfeld Realty Advisors
9858 Glades Rd. Suite 209
Boca Raton, FL 33434
Phone: 561-756-1665
Fax: 561-470-0707
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