New Wave of Foreclosures in South Florida Tied to Robo-Signing Scandal. What’s causing the new wave of foreclosures in South Florida?
While 2010 saw a record number of foreclosures across the nation, the current wave of foreclosures is leaving many to wonder why this is happening. In fact, 2011 saw a drop in foreclosures, leading some to believe it was nearing the end. Yet many homeowners do not realize why this is and how it is leading to an increase in 2012.
Increase in Foreclosures in South Florida
In 2010, there were 1.05 million homes foreclosed upon. At that time, Florida was among the top 3 states dealing with this epidemic with more than half of all the country’s foreclosures.
Unfortunately, things haven’t gotten much better for the state of Florida. In fact, foreclosures in South Florida continue to be an ongoing problem, with much of it stemming from the robo-signing scandal. If you are struggling to save your home, you should explore your options with a Fort Lauderdale foreclosure attorney. The robo-signing scandal involved a number of big-name banks signing off on affidavits that allowed lenders to move forward with mortgage foreclosures. Yet these documents were being signed without anyone taking the time to verify the information and that the foreclosure actions the lender was seeking were valid. In addition, many of these robo-signer signatures are forgeries of the alleged affiant and/or the notary.
Once this was discovered in 2011, the foreclosure process drastically slowed, but it wasn’t due to housing market improvements. It was because of investigations being launched into what has become known as the robo-signing scandal. As a result, pending foreclosure cases have been waiting for extended periods of time to go through. So it wasn’t that 2011 experienced an improvement in foreclosure activity but that it was pushed off into the year 2012.
This explains much of the new wave of foreclosures hitting South Florida. Palm Beach, Miami-Dade and Broward Counties are ranked 3rd in potential cases involving the robo-signing scandal. Floridians are dealing with a serious crisis that could take a long time to work through. In addition, there are thousands of foreclosure cases being filed. Home sales continue to drop, jobs are scarce and families are finding it difficult to make their mortgage payments. With this combination, it is no small wonder that there has been a significant jump in mortgage foreclosures.
In fact, some experts say that nearly 1 million homes should have been foreclosed on in the year 2011. Because of the suspicious activity and ensuing investigations, these cases have been moved into the current year. There are many who don’t see an end in sight, at least not for a few years. And there are even some who predict that 2012 will end up being worse than the record number of foreclosures experienced in 2010. Meanwhile, investigations into the robo-signing scandal have led to new practices and ways to resolve it. Yet implementing these procedures will only further delay the process of seeing these foreclosures through.
Contacting a Fort Lauderdale Foreclosure Attorney
Floridians shouldn’t let their guard down. The mortgage crisis continues to be a serious issue. It is also one that continues to grow. This may leave you wondering what legal options may be available if you are facing the loss of your home. The team of foreclosure attorneys at The Neustein Law Group, P.A. serves residents of the Miami-Dade County, Broward County, Palm Beach County and other counties throughout the state of Florida.
You would benefit from seeking help from a Fort Lauderdale foreclosure attorney. Whether you are facing a legitimate foreclosure on your home and are looking for a way to save it, or if you were the victim of the robo-signing scandal, there may be alternatives available. To learn if an attorney can help if you are facing the loss of your home, contact us today – (954)606-0747 (Fort Lauderdale), (888)400-ATTY (2889) (Toll Free) or (305)531-2545 (Miami HQ).