Foreclosure Rates on the Rise in Fort Myers and Cape Coral
Foreclosure rates in Southwest Florida are much higher in the last twelve months compared to the year before. It seems Fort Myers, Cape Coral and Lehigh Acres cannot catch a break. Average median home prices are way down and the number of delinquencies (people who are behind, but not yet in foreclosure) is going up, up, up. I'm sure this has something to do with our unemployment rate.
From April 2008 to March 31, 2009 over 45,000 foreclosures were filed in Lee Countyhttp://www.mortgagelawnetwork.com/more-homeowners-are-underwater-on-their-mortgages/, Florida. For the time frame April 2007 to March 31, 2008 approximately 20,500 foreclosures were filed. This is a dramatic increase. But, what is more concerning is the significant rise in the number of delinquencies.
A delinquency occurs when a homeowner falls behind on his or her mortgage, but the foreclosure process has not yet began. Many homeowners are running 30, 60 or 90 days late on their mortgages. Now, there are many experts who will tell you that many homeowners are running behind in order to be eligible for a modification. I'm not drinking that cool-aid so quickly. The reason for my lack of euphoria is because I am seeing many homeowners who fell behind at the request of the mortgage company, only to be told later that the modification did not go through. But, that is the subject of another upcoming blog.
If anyone can tell me or show me an economic recovery, please do so because I need to be reassured that all of this money we are borrowing is really helping.
This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog. Mr. Dellutri also writes for the firm's bankruptcy blog.
