Couple Gets A Taste Of Mess In Boca Raton Foreclosures

A couple in Boca Raton in Palm Beach County, Florida

, has experienced how the foreclosure deficiency of banks could get worse. James Strassburger, 56 years old, and his wife Deborah, 58 years old, were evicted from their Boca Raton home in May. The couples property was foreclosed by One West Bank. The home was immediately added to the roster of Boca Raton foreclosures.

The lender apparently foreclosed and sold the property while negotiations for a possible loan modification were on. Overall, it took as fast as less than one year for the bank to finalize the foreclosure. The Strassburgers original loan amount was $289,600. In 2006, the couple refinanced the mortgage to a more adjustable rate.

In 2009, during the height of the economic crisis, Mr. Strassburgers business weakened. By that time, the couple already approached the lender to ask for applicable loan modification programs for the mortgage. By February 2010, after not hearing for a long time from the bank, the house was put on auction.

The Strassburgers went to the court to protest the sale. Mediation between the two parties was ordered by the Palm Beach County court. Unfortunately, no agreement was reached. In May, the couple was forced to leave their home.

In August, about six months following the auction of their home, the Strassburgers received a letter from One West Bank. The lender was congratulating them for qualifying to a trial of a loan modification. There was even a note telling them about a hearing that would possibly help them take their home back. The letter even reminded that the mortgage payment due was on September 1.

Mr. Strassburger said instead of feeling relieved, they were more annoyed. He said had the bank provided them with the modification earlier, they would not have been driven out of their home and forced to find a small apartment where they now live.

As the number of bankruptcy homes for sale increases in Boca Raton and the in the entire Florida, banks are trying harder to clean up their so-called dual-track loan modification practice. In this process, lenders disregard negotiations for modification and abruptly proceed to foreclose and sell the homes. The result, more Boca Raton foreclosures are put up for sale as bankruptcy homes for sale even if those should not be.

This information was brought to you by E-ForeclosureSearch.com, your source of foreclosed homes.

by: Dywon Erick Dylon

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