Florida Foreclosures On the Rise
The number of foreclosures in Miami-Dade and Broward continued rising last month, as mounting job losses crippled borrowers’ ability to make monthly payments and lenders lifted previous foreclosure moratoriums and resumed legal action against delinquent accounts. In Miami-Dade County, lenders filed 3,043 initial foreclosure actions against homeowners and reclaimed 819 homes through foreclosure. Hundreds more were scheduled for auction at the courthouse, according to a monthly foreclosure report from Irving, Calif.-based RealtyTrac.
Many lenders suspended foreclosures in the first half of the year as they waited for the Obama administration to release details of a national foreclosure prevention initiative. In February, it launched the Making Home Affordable Plan, which is expected to help as many as 9 million borrowers avoid foreclosure by refinancing or modifying their current mortgages.