Foreclosure

Issue Overview

Foreclosure, the forced sale of property to satisfy an unpaid debt, has become an all-too-familiar word in Palm Beach County. In 2009, there were over 30,000 foreclosures in our county. Compare that with the 3,000 foreclosures in 2005, and you begin to understand the severity of the problem.

So far this year, there has been an average of nearly 2,000 new foreclosures filed each month. Due in part to rising unemployment and falling home values, Palm Beach County has consistently had one of the highest foreclosure rates in the nation in the past two years. To compound the problem, foreclosure scams have cropped up. Companies falsely claim they can save homes, taking money from desperate homeowners.

Why does ...

...this matter to me?

Foreclosures are directly and indirectly affecting many in Palm Beach County. They affect the value of other homes in the neighborhood. They affect the aesthetics of the neighborhood, when they sit unoccupied for long periods. Even those of us who are able to pay the rent on time every month may be affected by a landlord in foreclosure.

What can I do?

There are ways to stem the tide and help keep more at-risk families in their homes. Legal Aid of Palm Beach County provides homeowners facing foreclosure with the tools and information needed to defend themselves. Housing Partnership helps families navigate the jungle of obtaining a loan modification with sustainable terms. Supporting nonprofit programs that work to prevent foreclosures is one way for individuals to contribute to the solution.

In some communities, groups of citizens are pitching in to help maintain neighbors' properties - both before and after foreclosure. As a member of the community, you can also help by being well-informed. Point friends and family members at risk of foreclosure to trustworthy nonprofit organizations who can help them.

Photo Credit: Respres (Flickr)