Labor & Employment Law

Foreclosure Filings decrease in Palm Beach County

By Dobin & Jenks

A recent Palm Beach Post article on the drop in foreclosure filings in Palm Beach County indicates that 1,529 bank takeovers occurred in April, a 47 percent decrease from April 2009, according to numbers released by the Palm Beach County Clerk and Comptroller. Between January and April 2010, the number of Palm Beach County initial foreclosure notices totaled 7,764, a 30 percent tumble compared to the first four months of 2009.

Mr. Paul Baltrun, director of the firm?s Loss Mitigation division, gave Palm Beach Post Real Estate writer Kim Miller commentary on the drop in foreclosures. In the article, Mr. Baltrun stated that one of the possible reasons for the decline in the foreclosure rate is loan modifications. Mr. Baltrun and his team are seeing more people in Florida and across the nation being hands-on in trying to get a loan modification. In addition, the banks are becoming more willing to give homeowners modifications ? especially in situations where a modification will enable a homeowner to avoid foreclosure.

"People are being more proactive and seeking workout solutions before their file goes into foreclosure," Baltrun said. Loan modifications made through the federal Making Home Affordable Program provide incentives to banks that reduce mortgage payments through interest rate cuts, principal amount reductions, and prolonging the loan?s life.

Click on the As filings fall, courts finally make dent in foreclosure cases link to read the Palm Beach Post article.

Full post as published by The Law Planet Blog on May 13, 2010 (boomark / email).