Local markets flooded with foreclosure filings, but lenders are buttering up to short sales more frequently these days. Plus, need free advice?
There were more foreclosures statewide and locally last month than there were in May of 2011.
In Palm Beach County, the clerk and comptroller's office notes there was a 62% hike during that time. May's numbers were up 3.6% when compared with April 2011.
On the Treasure Coast, foreclosure continues to be a problem as well. One in every 1,015 homes in St. Lucie County were in the foreclosure process last month, while that number was even worse...one in 233 homes, in Indian River County.
RealtyTrac reports that while more foreclosures are expected this year, fewer homes will be repossessed, because lenders are increasing efforts to negotiate short sales, meaning a lender agrees to sell for less than what the borrower owes on the mortgage.
During this year's first quarter, the number of these short sales was up in Palm Beach County nearly 54% over the final quarter of 2011.
If you know someone in fear of foreclosure, or you just want to ask an attorney for some free advice, the Jupiter-Tequesta-Hobe Sound Board of Realtors is hosting an "Ask an Attorney" event Thursday night from 6 pm to 8 pm. Click Here
