The predictions were set in stone and they stated that foreclosure filings would be going up as the economy crumbled around us. This proved to be the case in 2012. Foreclosures rose across the country and many people are/were in danger of losing their homes and their largest assets. In Florida, there is a huge backlog of foreclosure filings where some politicians have been toying with the idea of making Florida a non-judicial state. This would mean the banks could take your house without ever having to prove ownership in the courts. Still, 8 of the top 20 foreclosures rates are in Florida with Tampa and Miami seeing the largest increases.
Even with foreclosure numbers rising, house prices are increasing due to a lack of supply of homes. Many bank owned homes are being held off the market to artificially increase the price of homes. Why? So the banks can maximize profits when they illegally take your home and sell it. If the banks allow to many homes to hit the market at one time, the prices will surely fall. While many people are having a difficult time being approved for a home loan, the banks want to ensure profits on these homes do not fall through the cracks.
In addition, the banks do not wish to write off these losses on such a large scale, as it is better for tax purposes to allow these homes to trickle out, rather than open the flood gates. This is good for banks and politicians, but bad for the average citizen. The unintended harm is to the Home Owner’s Associations (HOA) who is not collecting income from these bank owned homes. This means the other homeowners have to pay the lion share of the dues to cover for these homes. Once again, this harms the average citizen.
The bankers and politicians are trying to create a system of “rocket dockets” to push foreclosures through, but we are doing everything we can to prevent his from occurring. Due process is an important legal right in America and we will not stand by and let it fall by the wayside.
At Myers & Eichelberger, we are committed to helping the homeowner stay in their home, not increasing the bank’s balance sheet. We do not just want to keep you in your home for a year, we want to see you stay in your home for as long as you want.