Efforts to Contain Bank Owned Homes Sales Intensify

by Peter Vernon on Foreclosure Help

Bank owned homes sales are everywhere in Florida, pulling down home values and becoming blights to neighborhoods. In Collier County, the number of foreclosure properties is steadily increasing with no sign of letting up. And so are efforts to help distressed homeowners save their properties from bank owned homes sales.

A workshop is scheduled to be held at the campus of Edison State College Collier. The workshop will offer services to troubled homeowners to either prevent foreclosures or ease the process.

The July 25 workshop will feature representatives from the Collier County Foreclosure Task Force and the Florida Department of Financial Services. Furthermore, the Foreclosure Task Force is also scheduled to hold a workshop on September 19 at the Collier County Legal Aid.

Experts at the Edison State workshop will help troubled homeowners obtain resources and information about loan modifications and mortgage foreclosures. They will also discuss with visitors how to identify and avoid fraudulent foreclosure prevention schemes.

Additionally, the workshop will serve as venue for lenders and troubled homeowners to discuss the requirements for loan modification, what borrowers can do to avoid putting their properties on bank owned homes sales and the best way to remove homeowners from troubled home loans with minimal loss of finances.

Pro bono services will be provided by the Collier County Housing Development Corporation and the Collier County Foreclosure Task Force. Also around to assist troubled homeowners are agents from the Department of Financial Services and representatives from lenders.

Meanwhile, interested participants of the workshop can get assistance regarding skill retraining opportunities and career development through the Edison State College. In addition, the Mental Health Association of Southwest Florida will provide information to workshop participants about its newly-established support group, called “Transitional times, coping with foreclosures”.

Collier is one of the counties that experienced the brunt of the foreclosure crisis. In 2007, foreclosure filings surged to 3,267 from 733 in 2006 and the figures increased twice to 7,872 in 2008. In the first half of 2009, foreclosures reached 4,308, an increase from the 3,726 foreclosures filed with the Clerk of Courts in the first half of 2008.

And more bank owned homes sales are expected in the offing, driven by increasing interest rates, resetting of some loans taken out in 2005 and banks’ delaying of foreclosure on some delinquent properties because of the oversupply of foreclosed homes in the market.