It has been reported that foreclosure filings are down in Palm Beach County likely due to a new law that is making it more difficult for banks and lenders to initiate foreclosures. The new state law (Section 702.015, Florida Statutes) requires plaintiffs to acknowledge in their foreclosure complaint that they have all the documents necessary to prove the case against the homeowner.
The latest statistics reveal several interesting trends:
• The number of new foreclosure filings in Palm Beach County decreased dramatically in July.
• Since the new foreclosure filing requirements took effect July 1, 2013, there were 387 new foreclosures, a 61.3 percent decrease from 1,001 new foreclosures in June, and a 68.3 percent decrease from 1,220 cases filed in July 2012.
• The new cases filed in July represent the lowest number of new foreclosures filed with the Clerk & Comptroller, Palm Beach County, since July 2006, when 392 foreclosures were filed.
• The number of new mortgages and deeds recorded in Palm Beach County during July remained higher compared with the previous year, but lower than the totals recorded in June. There were 6,985 deeds recorded in Palm Beach County in July, down 7.5 percent from 7,548 deeds recorded in June, but up 44.7 percent from 4,828 deeds recorded in July 2012.
Clerk Sharon Bock attributes the new law to the declining number of foreclosures, which demonstrates that banks are acting with an abundance of caution before they bring forward foreclosures cases in Florida.
Click here to read more on the recent decline in foreclosures in Palm Beach County.
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the website, www.miamibankruptcy.com.