Foreclosures In Hernando County

Hernando County has been witnessing an alarming rise in number of foreclosures. This has prompted the commissioners of the county to organize a workshop to find out ways and means to stand beside the house owners facing foreclosures. The latest figures read 252 foreclosure listings. As the real estate market spins downwards across the county the number of foreclosures is tending to increase. The commissioners of the county will discuss the foreclosure issue at a workshop to be held on 15^th January at the Hernando County Government Center, Brooksville.

The county is especially worried about the consequences of deserted houses inviting criminal activity and infecting entire neighbourhoods. Lack of maintenance poses potential health hazards. All this has been listed in a memo compiled by Interim County Administrator, Larry Jennings.

Alert to the impending threat from foreclosures, the commissioners asked its personnel to consult with bankers, developers and real estate agents to discuss the matter in depth and give the feedback at the workshop to be held on 15^th January.

Several recommendations were made at two meetings of the public and private sector. One suggestion was to seek the release of funds from the local governments by the legislators. The state was holding on to funds scheduled to be given as down payment assistance to house owners.

There is more than $500 million in the state Sadowski Trust Fund according to realtor Gary Schraut.

The other suggestion was the released funds could be utilized to allow teachers, fire fighters, police personnel and some others to afford alternative houses.

It was also pointed out that brochures would go a long way to educate the people about foreclosure prevention. A local government channel would also be of great educative help.

Plans are afoot for sponsoring a free seminar to acquaint borrowers about the options they have to get out of the financial mess.

There is an imminent need to alert legislators about speeding up bank procedural matters regarding acquiring non-homestead properties during the initial stages of the foreclosure so that property retains some amount of equity. The foreclosure process might spill onto 18 months and without a court order the banks cannot access the property. The banks and lenders need to be advised that they can obtain an order on grounds of maintenance instead of waiting for more than a year waiting for the foreclosure process to reach its completion.

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