TBO.com - Tampa Bay Online
West Palm Beach To Open Foreclosure Help Center
ADVERTISEMENT
Published: April 1, 2008
Related Links
WEST PALM BEACH - In a state where foreclosures are up nearly 70 percent from a year ago, this South Florida city is doing what it can to help keep people in their homes.
Today, the city will open a foreclosure assistance center in partnership with the U.S. Department of Housing and Urban Development to help homeowners renegotiate mortgage payments, repair damaged credit and, in some cases, provide a direct payment of $10,000 to people behind on their loans.
As housing markets slump nationwide, cities across the country are scrambling to work with residents who are in danger of losing their homes to foreclosures. Daylong fairs, where lenders and counselors offer advice to desperate homeowners, have taken place in Miami, Philadelphia, Boston, and dozens of other cities and towns.
In February, Florida trailed only Nevada and California in the percentage of homes in foreclosure. RealtyTrac Inc. said 32,447 homes were in foreclosure statewide in February, up more than 69 percent from February of last year and up more than 7 percent from January.
The new center in West Palm Beach will be free and open weekdays. The $1 million program will be financed with $650,000 from a developer-funded city trust and about $350,000 in HUD grant money.
The center also will help financially stressed homeowners sell their homes through what's known as a "short sale," where the home is sold for less than the amount owed on the mortgage but a foreclosure is avoided.
The city has partnered with financial institutions to buy the homes, including BankAtlantic, Bank of America and SunTrust Banks.
"Then the city will place the purchased houses in our affordable housing program making potential buyers eligible for down payment and closing cost assistance," said city spokesman Chase Scott.
Added Mayor Lois Frankel: "For many, the national dream of home ownership has turned into a national nightmare of foreclosure."
TBO.com - Tampa Bay Online Member Agreement | Privacy Statement | Work With Us
Post a comment
(Requires free registration.)
* Keep it clean
* Respect others
* Don't hate
* Don't use language you wouldn't use with your mom
* Use "Report Inappropriate Comments" link when necessary
* See Member Agreement for details