South Florida Foreclosures Reach Crisis Levels

Florida Foreclosure and Real Estate News

Tiffani Helberg
Reporting

(CBS4) HOLLYWOOD, FL. Foreclosures are up, and home sales are down. Almost everyone knows this in South Florida, but industry experts in the area say this is the worst they have ever seen. We've got some good advice for people in danger of losing their homes.

Homes are sitting on the market, and prices are being reduced, but to see the effect of the mortgage crisis don't just look here.

Look at the shelves at the Broward County Clerk of Courts.
Barbara Brown is operations manager and the number of cases speaks for itself.

"In 2006 we had about 6,600. In 2007 so far this year we've had about 13-thousand," said Brown.

Brown says this is the worst she's seen in 12 years. The number doubled, and 2007 still has three months left.

Experts say if you're facing foreclosure on your home, speak up--communicate with your lender.

"Always call the lender," said Real Estate Lawyer Michael Bloom. "Lenders have a loss mitigation department and their purpose is to work with the borrower to ensure a solution can be worked out."

Trying to sell your home in this market is bad enough. Being in foreclosure can be downright humiliating. CBS4's Carey Codd spoke to one homeowner who is facing foreclosure. He said it simply too embarrassing to speak about his situation on camera. He is a hardworking man who got hurt on the job and had big money problems. Now he's doing all he can to save his property, like so many other people in our community.

It is a desperate time for many people, but the most important thing to remember is to work with people who hold the purse strings.

"There are lenders out there with programs to assist you," said John Byrne, with Coldwell Banker. "You may not keep your home, but it may not be taken away in a manner that is abrupt to your life."

And once these homes go on the auction block, they're not selling there either.

90 homes for sale today and all of them went back to the lender.

For more Florida foreclosure news and related articles visit our Florida Foreclosure home page.

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