According to records obtained from the Pinellas County Clerk of Court there are 92 court ordered foreclosure cases scheduled to be held in Pinellas County between August 15 and September 15, 2009. You can review the list of foreclosure sales by visiting the Pinellas County Clerk of Court website at https://pubtitles.co.pinellas.fl.us/login/loginx.jsp?goto=/mainmenux.jsp
After reviewing the sales that are scheduled there are several things that I find particularly compelling. First, with all the talk of a foreclosure crisis, a grand total of 92 sales during this time period is hardly an overwhelming number. Second, most of the properties that are set for sale do not appear to be for particularly valuable properties or properties where the borrowers have much equity in them. I don’t mean to diminish the difficulty that will be faced by those families that will lose home to foreclosure, the point is if the family doesn’t have much equity in the home they’re not really losing much anyway. Finally, a quick review of the cases reveals that most were filed in late 2008, many were filed in January 2009 and the smallest number of cases was filed in 2007. A rough estimate is that it takes a lender more than a year from filing to sale, and I would say this comes when the case is not properly defended by an experienced foreclosure defense attorney. The length of time it takes for a case to proceed from filing to foreclosure sale is an illustration of the problems within the mortgage industry, their inability to produce the documents necessary to prove their right to foreclose and the fact that the courts are still overwhelmed with a backlog in foreclosure cases.
This analysis has important implications for homeowners facing foreclosure, investors or purchasers who are looking to purchase property and for lenders who are seeking to address delinquencies in their existing mortgage portfolios. Homeowners who are in foreclosure have the most to gain by hiring an experienced foreclosure defense attorney who can knowledge of the breakdowns in the system to negotiate their desired outcome. Investors or potential purchasers can benefit from my first hand experience is knowing what the bottom line price on a property is while lenders who need management of their mortgage portfolio will benefit from a practical results-oriented approach to resolving their case rather than absurdly unprofessional and inefficient management of their portfolios that they are receiving from the high volume “foreclosure mills”.
Now more than ever, proper legal advice from an attorney with years of experience is critical. Visit my website at www.mattweidnerlaw.com for more information and contact me directly if I can provide additional information.