Boca Raton Real Estate Foreclosures
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Boca Raton Foreclosures Affect Everyone
Even if you are not involved in a Boca Raton foreclosure and are making your mortgage payments on time, your neighbor’s foreclosure is affecting you and your neighborhood’s home values. It is also creating an atmosphere for potential crime if a property is left vacant and not maintained.
Average Foreclosure Costs
According to a report from the Joint Economic Committee of Congress, the average foreclosure costs are $151,000.00. So who pays what? Well here is how the Committee broke down the costs:
· Homeowner: $7,000
· Lender: $50,000
· Local government: $19,000
· Impact on neighboring home values: $75,000
· Estimated total cost of one foreclosure: $151,000
Foreclosure Affects On Your Local Boca Raton Neighborhood
A foreclosure not only affects the homeowner who is at risk of losing their home, but also their lender, the Palm Beach County tax appraiser and other city and government services. The biggest impact is on the neighborhood itself. I am sure many of you have seen foreclosure signs in your neighborhood. When a property owner can no longer afford their mortgage payment, they are not paying their taxes or homeowner dues, and are unable to keep their home maintained. As a result, it affects the entire neighborhood and the area.
Right now many Boca Raton homeowner associations and condo associations are feeling the affect of homeowners who have defaulted on their association dues as well. This puts a strain on the entire community and the burden is shifted to the remaining homeowners who must contribute the difference to help pay the costs of maintaining the common area property.
Sometimes the family moves out of their home prior to the foreclosure sale. Their Boca Raton home may sit vacant for six months or a year until the property either sells at the foreclosure auction to a new owner or the property becomes an REO (bank owned property) and is put back on the market for sale. Once the REO is listed, it is usually at a much lower price because the market value of homes in the area have declined, and also because many foreclosure properties have been stripped by their former angry and upset owners.
If you do know someone in the neighborhood who is about to lose their home, perhaps just offering to cut their grass, finding a home for their pet or even offering
them help to find a job may make a difference .
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Date: Friday, May, 15th 2009 @ 09:51:01 AMViews: 1754
This blog entry currently has 1 comments posted.
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John Camway
Thanks for sharing information. To prevent from foreclosure, pay the amount on time.