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Coronavirus could lead to a spike in foreclosures in south Florida

'I believe that there is going to be some sort of bubble burst in the real estate market'
Posted at 5:28 PM, Jun 26, 2020
and last updated 2020-06-26 19:01:42-04

PALM BEACH COUNTY, Fla. — A new study suggests that the coronavirus pandemic could lead to a foreclosure spike in South Florida.

“So we have always provided homeownership counseling, homeownership education, partnering with the county to help people move into their first homes,” said Lynda Charles, Vice President of Housing Services, Community Partners.

Charles and the rest of their team at the nonprofit Community Partners of South Florida are working overtime to help people stay in their homes.

A new report by real estate data analytics firm Black Knight shows in May, Florida was the 5 highest state where homeowners either could not or did not make their mortgage payments.

Charles said starting Monday, Palm Beach County homeowners can apply for mortgage assistance from the county.

“And they can get up to 10,000 dollars in mortgage assistance payment as long as they were impacted by COVID-19,” she explained.

Mike Pike, who specializes in business litigation said having your paperwork in order is key if you end up having to fight to keep your home.

“I believe that there is going to be some sort of bubble burst in the real estate market,” Pike said. “Your most current tax returns, an updated financial affidavit, we need to know where you were employed, if you’re still employed, if your job has reduced your hours. Things of that sort.”

“It was a tight market, to begin with, COVID-19 exposed the difficulties of residents in Palm Beach County to access affordable homes,” said Charles.