Despite the drop in foreclosure actions being filed, the issues surrounding foreclosed upon homes continue to mount in Palm Beach County. For the period of 2008-2010, 81,627 homes were in foreclosure proceedings in the county. In one month alone, 3,240 actions were brought, a number that was eight times higher than most months prior to the housing crash.
Despite the shrinking numbers of foreclosures, the court system is still bogged down with these cases. This burden has largely been attributed to many finance companies dragging their heels on taking possession of a home due to their reluctance to take on the duties of a homeowner. Currently there are 39,252 foreclosure cases pending in Palm Beach County judicial system, which is approximately 2 percent of total cases.
This issue has been further amplified due to the significant budget cuts to court administration staff, which has left the court severely understaffed to deal with foreclosure. As a result of the high volume of cases and the reduction in staff, the average length of a foreclosure proceeding is more than two years, a number that is higher than the state average and is more than double the nationwide average.
There are a wide range of reasons why dragging out of a Florida foreclosure proceeding can be detrimental to the parties involved. Not only do these proceedings clog the courts, but they also place the previous owners of the home in serious limbo as to what their next move will be. Only through the proper handling of foreclosure claims will everyone involved be able to efficiently and properly bring these matters to a conclusion.
Source: South Florida Sun-Sentinel, "Foreclosures: Palm Beach County homeowners still feel foreclosure fallout," Ben Wolford, June 4, 2012