Palm Beach County foreclosures experienced a “dramatic” bump upward in March following the $25 billion settlement of the robo-signing class action lawsuit. The bump comes at a time when the Florida court system is already strained with budget cuts. For more details, see ‘Dramatic’ 65 percent in Palm Beach County foreclosures.
In related news, Bank of America reported that its pilot program to provide financial incentives to Florida homeowners who agree to a short sale instead of insisting on a formal foreclosure process — a process which often lasts more than two years — has resulted in 678 closed short sale contracts since its debut in October. According to the same article, B of A is revamping its internal systems to streamline short sale approvals to as little as 20 days.
Fannie Mae and Freddie Mac simultaneously announced accelerated short sale timelines and procedures, requiring approvals within 60 days, with anything over 30 days requiring stepped up supervision and reporting.
Notably, short sales are starting to outnumber foreclosures, as banks finally start taking action to get distressed properties off their books faster.
With new foreclosures hitting all time highs and banks increasingly open to negotiating short sales comes an unprecedented opportunity to pick up distressed properties in South Florida.
But don’t wait! Mortgage rates are starting to edge up.
Start by looking at some of our featured listings below and then call us. We are Palm Beach County foreclosure & Palm Beach short sale experts. Let us help you navigate the in’s and out’s of buying distressed properties.