Posted: Aug 21, 2012 2:13 PM PDTUpdated: Aug 21, 2012 2:37 PM PDT
Lee County Clerk of Courts Charlie Green has been going over the numbers.
He says foreclosure filings are almost double what they were last year. Now he’s worried about a case backlog
“I think we’ll be able to use some dollars that we just got from the state to probably work with the judges to clean up some of it, so it doesn’t get backlogged,” he said.
The bulk of the notices are re-filings – cases that had to be dismissed earlier because of flawed paperwork by the lenders.
“It gave a lot of people false hope that because there was paperwork mess up, if you will, that they had a chance to maybe save their home,” said Green.
“I don’t think there is a huge avalanche out there that we’re going to see because the court system has already processed so many of them,” said real estate attorney Michael Hagen.
In addition to the re-filed cases, Hagen says he sees a lot of new foreclosures too – a sign of a still sluggish economy.
But he notes short sales have staved off a number of foreclosures.
“The process is quicker, it’s more successful, so a lot of those cases that went before through the foreclosure, we do have that safety value now of a short sale,” Hagen said.
For those receiving these letters – Hagen says don’t ignore them.
Courtesy of http://www.abc-7.com
A break for those facing foreclosure
(CBS News) NEW YORK – At a meeting in Jackson Hole, Wyoming this week, Federal Reserve Chairman Ben Bernanke hinted that some stimulus action could be coming next month that could bring mortgage rates even more. With 1.5 million properties in foreclosure, two big banks rolled out test programs to keep people in their homes.
Artist and fashion designer Amber Knox was proud to buy a house in Phoenix with her sister. It was 2007 and she was 22.
“I felt like an adult,” she said. It was very exciting. We had a house warming party and invited all our friends.”
The party didn’t last long. Within two years, her sister got married and moved out. Knox struggled to pay the mortgage on her own, just as the housing market was crashing.