Florida Foreclosure Help in Hollywood, south Florida short sales

It is staggering to think that the foreclosures in Hollywood have been continuing at such a high rate for three long years and could continue for several more, still. Some numbers to consider:

Lenders reclaimed 102,134 homes nationwide in September.
In Miami-Dade County only there were 2,082 reposessions in September – nearly three times as many as a year earlier.

Currently, there are more than 150,000 foreclosure cases pending in south Florida.

Broward and Miam-Dade Counties have each been averaging about 3500 new foreclosure filings every month since mid-2007. During 2009 it was more like 5000 cases a month and is back to 2300- 3500 a month. Even this is a huge number of households. If you were to add up all the foreclosure cases that have been filed in these two counties in the last three years, the total would probably be around 400,000 homes!

Of course, it is taking a long time to move on because of all the programs which supposedly  provide foreclosure help. The government has come out with HAMP to help people get loan modifications, but few qualified. Now they have come out with HAFA, to streamline the short sale process, but this has dangers for the Hollywood homeowner and gives the banks more power to take back the home if anything goes wrong (See the free ebook at www.BelroseProperties.com).

Foreclosure defense is the big industry now where lawyers are promising Hollywood homeowners that they can stay in the house for free for a year or two and some that they may even be able to get the house free and clear beacuse the bank can’t produce the original note. That is a vain hope, I’m still waiting for eveidence of success, despite thousands and thousands of cases arguing that defense.

To me, the best foreclosure help for Hollywood homewoners is to sell the property via a short sale and position yourself for the future. Free accommodation at the bank’s expense is great for today, but what about two year’s time? I have spoken to too many homeowners about to have their house sold and all the lawyer had done was delay the sale.
You better make sure that your lawyer gets the bank to wipe out any deficiency judgment at the end of the day or you are going to have the debt collectors chasing you for that money for years to come, unless you file for bankruptcy.

If a short sale is negotiated properly, you can avoid any deficiency judgement, walk away free and clear and be able to restore your credit so that you can buy another house in Hollywood (or somewhere else)  at today’s prices.

Related posts:

1. Foreclosure Crisis – Another Wave Of Foreclosures To Hit South Florida