Friday, July 9, 2010

Palm Beach Courts Receive Foreclosure Aid

The Sun Sentinel reported today that Palm Beach is using $640,000 of state allocated funds to hire two senior judges, six case managers and four clerical assistants to help ease the backlog of foreclosure cases in Palm Beach County.

The newspaper article states that there is an estimated backlog of 500,000 foreclosures in the state of Florida and that the state has allocated $6 million to help the courts clear the cases.

In my opinion, unless the housing market in South Florida improves, this money won't help much. So much of our economy is based on housing that more and more individuals who have hung on for as long as they could are becoming economically tapped out and will have to roll the dice and see how long they can stay in their home if they stop making payments.

Currently that would be about two years minimum in Florida. A recent ruling by the Florida Supreme Court may extend that even longer; if the lender can't provide evidence of the original note (the borrower's IOU), they might be able to stay there permanently without making payments.

Interesting times.....painful for those of us living through it, but fascinating none the less. Feels at times like I am watching a train wreck in slow motion and the train is headed straight toward me.

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