Foreclosure

Update: Nov. 10, 2011 -

In Florida, foreclosure lull ends: signs of a ramp-up were seen as new filings spiked 28% in FL from Oct to Sept. (via palmbeachpost.com)

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; in 2010, there were nearly 20,000. Compare these numbers with the 3,000 foreclosures in 2005, and you begin to understand the severity of the problem.

In 2011, new filings continue to decline, but at 700 or 800 per month, filings are still three or four times the 2005 rate. 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 recent 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)