Rate of Foreclosures Picking Up in 2012

by Isaac Benmergui, Esq on April 13, 2012

Foreclosures are once again on the rise. In Palm Beach County, a noted jump by three big banks signaled a renewed foreclosure trend. Realty Trac noted a 53 percent foreclosure increase in Miami alone during the month of March. A consumer watchdog group reported that for the same period in 2011, Deutsche Bank increased the number of foreclosure proceedings by 47 percent in 2012; Wells Fargo by 68 percent and Bank of America’s shot up to 251 from 37.

Foreclosures Now Not the Result of Subprime Mortgages

This time around the foreclosures aren’t the result of robo-signing or subprime practices. These are Miami-Dade or Palm Beach County residents with normal mortgage contracts and decent interest rates that are simply unable to pay due to the weakened economy. Although the unemployment rate has fallen to 8.3 percent, there are still more than 13 million unemployed Americans. The economic crisis wiped out more than $7 trillion in household wealth, according to Zillow, Inc, and homeowners have not been able to recover as quickly as the banks are now proceeding with foreclosures.

Getting Legal Help

If you or someone you know is facing foreclosure in the Miami area and want to hold on to your home, call the law offices of Isaac Benmergui. Attorney Benmergui is an experienced real estate attorney who can find you solutions to help you keep your home. Call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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