Florida’s foreclosure hell ‘easing’?
The number of foreclosures in
A total of 1,674 foreclosure actions were filed in circuit court in February, down from a record 1,833 in January but up sharply from 624 in February 2007.
Although the number was down from January, foreclosures were still being filed at a rate of 83 per day because February's a shorter month, according to data released by the
Not all foreclosures filed result in a property being sold by the court to satisfy the debt. Lenders can agree to modify the mortgage or make other arrangements to resolve the situation.
Of the foreclosures filed in February, 490 were homesteaded primary residences compared to 564 in January.
People getting help
Jeff Tumbarello, president of the Southwest Florida Real Estate Investors Association, said: “One bright spot is that an increasing percentage involve mortgages more than two years old: 739, or 44 percent, compared to 527, or 36 percent, in November.
"At least we're no longer creating new foreclosures with the new loans. There are loans that are being written but the loans being written are not going into foreclosure in six months."
Don Charron, senior vice president for lending at Tampa-based Suncoast Schools Federal Credit Union, commented: “A steady stream of members is coming in to get help with their mortgages but that there are still some too ashamed to come forward.
"That's the main reason lenders go into default. If we can get people to call and actually talk to any of our counselors, it may be as simple as a loan modification: putting them into another program that'll allow them to make it."