West Palm Beach to Open Foreclosure Assistance Center

4 April 2008

Author: admin Posted under Foreclosure homes by city

In an effort to curb one of the highest metropolitan foreclosure rates in the country, the city of West Palm Beach, FL announced on Tuesday that they will be opening a new Foreclosure Assistance Center to help homeowners deal with foreclosure by refinancing mortgages, providing credit assistance and even handing over checks of up to $10,000 to help them catch up on their loan payments.

The center is partially sponsored by the U.S. Department of Housing and Urban Development in response to what has been called one of the worst foreclosure climates in the country. Florida is currently third on the list of states with the highest rates of foreclosure, with a nearly 70% increase from the beginning of 2007 to the beginning of 2008 in its rate of foreclosure. West Palm Beach is located in the southern half of the state, which has been especially hard hit due to overdevelopment and investment before the housing market collapsed, as well as the widespread proliferation of sub-prime mortgages.

The center will be free to homeowners, and will also specialize in assisting homeowners in selling their homes prior to a foreclosure sale in order to avoid having a foreclosure ruin their credit. The city itself plans to buy many of these homes in conjunction with local banks, and then use the properties for their affordable housing program. This could result in many more pre foreclosures coming onto the market in the region in the near future.