Foreclosure Filings are on the Rise
Since last month, foreclosure filings in Broward County have increased along with the foreclosure rate. As homeowners struggle to find work, they are finding it more difficult to make their mortgage payments.
“Broward had the eighth-highest foreclosure rate among Florida’s 67 counties, with one in every 127 housing units receiving a filing.”
In Broward, there are 6300 homeowners in the county facing foreclosure, which is up from 4600 this time last year. In Palm Beach, the foreclosure filings in March totaled nearly 4,000, which has doubled since April 2009.
Florida Senators Seeking Relief for Homeowners Affected by Chinese Drywall Litigation
Florida Senators have written letters to Fannie Mae asking the company to allow six months of mortgage relief for Florida homeowners affected by the Chinese Drywall problems.
This follows Fannie Mae’s decision to provide relief to the seven families awarded more than $2.5 million in damages weeks ago in federal court.
“Many homeowners with the problem drywall are concerned about possible health effects, though the government has yet to link the material to nosebleeds, respiratory problems and other reported symptoms. Some residents have moved out and are juggling temporary housing costs in addition to paying their mortgages.”
The senators are also asking that the homeowners’ credit ratings are not negatively affected by the drywall problems.
Tags: In the News, Real Estate, South Florida
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