STUART, FL (WFLX) - More than 100 home owners, concerned about losing their investment, met to discuss 'what's next?' in a foreclosure workshop put on by Representative Tom Rooney. It was all in an effort to help current homeowners stay put.
Broker Troy Hester's foreclosure workload has tripled. He says more people than ever, people are coming to him needing help. They are near foreclosure, or in foreclosure, and need a short sale. "Twenty percent are in foreclosure."
Attorney's are also getting hit with clients fearing foreclosure. "You need an attorney. The biggest problem people have right now is misinformation. There are a lot of scams out there."
Ron Kaniuk's workload has doubled. Hester has stacks of short sales he performs each week. Everyone is amazed at what they're seeing. "Now that $500,000 home is barely worth $200,000, and it's upside down," said Kaniuk.
Investors who bought rental properties years ago, now can't afford them. "They're facing foreclosure, and there is no help for them, so all of the rentals that were out there at one time are now in foreclosure. So, there are no rentals."
He says it's tough to find rentals for clients. But, even more surprising, wealthy investors are coming forward to help bailout those in foreclosure. They buy homes in a short sale allowing the original homeowner to stay and pay rent until thing start looking up.
This won't be the last workshop. Wexler's office plans to hold another in Boca Raton in April.