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As the Florida real estate and general economy are improving, with average sales prices increasing, the number of foreclosures dropping and unemployment also increasing a funny thing happened as we continue through this recovery: re-foreclosures are up. Re-foreclosures you ask? That’s right.
A re-foreclosure is when the bank for whatever reason dismissed the first foreclosure or in some cases homeowners were successful in beating the bank on the first foreclosure. Many homeowners had hoped that over time they would end up with the home for free if in fact the bank did not rebring the foreclosure or if the five-year statute of limitations has kicked in. In most cases, neither of those events indeed have occurred.
Banks are starting to re-foreclose
In fact what has occurred is that the banks slowly but surely are starting to reforeclose on these properties where homeowners originally had the first foreclosure dismissed.
You see that while the first foreclosure may have been dismissed the mortgage remained on the property and thus while the homeowner was not free to sell the property or even refinance the property (unless they did a modification with their current bank), homeowners of course were free to rent the property out or to enjoy ownership of the property for many years.
Advent of the re-foreclosure
Tomorrow, 1/24/14…the Daily Business Review will be holding a “View from the Bench” in Palm Beach County. It will be the first one that they are holding in Palm Beach. Originally, I was invited to be the moderator of one of the panels. Tom Ice, another foreclosure defense attorney, was the sponsor of that event.
As reported by the Palm Beach Post, I will not be the moderator and the Ice Firm has for good reason withdrawn its sponsorship.
What happened is an unfortunate footnote to the nature of foreclosure jurisprudence in the State of Florida and probably the nation. As a backdrop, last fall, our firm was the exclusive sponsor of a Daily Business Review sold-out event at the Performing Arts Center in Broward County addressing foreclosures. I gave the keynote address and also served as one of the panelists. Amanda Lundergan was the moderator. After the conclusion of the event, the Review representatives told me that the event was one of their best events and in fact they wanted to put another one on for the end of the year.