Foreclosure Filings are Down

 

Brevard County foreclosure filings were down for May 2009.  There were 770 filings last month. April had 851 and in March there were 963. To date 2009 has seen 4297 foreclosure filings.  In 2008 we had 9228 for the year. These numbers are for filings only.  They don’t indicate the total number of foreclosures.

Are the numbers down because more owners have been able to short sale their properties?  A short sale is when a bank or mortgage company agrees to take a lesser amount than the outstanding balance of the mortgage.  The property is sold because of a financial or economic hardship.  We are finding that many lenders are receptive to a short sale as it costs them considerably less than a property that goes into foreclosure. Some are even opting for a deed in lieu of foreclosure.

Foreclosure filing fees in Florida increased on June 1 from $295 up to $1,900. The amount is determined on the price of the home.

The Melbourne Association of REALTORS estimates that one quarter of home sales today are short sales.

NOTE:  It is recommended that a seller contact an attorney, legal counsel or an accountant prior to doing a short sale to determine how a short sale will effect their individual situation.

This article is authored by

Sandy Shores REALTOR®  , Melbourne FL Real Estate

Brevard County Real Estate & Investing

I also buy, sell, rent, own and manage Investment Property.