Foreclosures in Ormond Beach and Volusia County Continue to Climb

November's foreclosure activity across Volusia and Flagler counties more than doubled compared with last year. There were 1,851 default notices, scheduled foreclosure auctions and lender repossessions in November in the two-county area. That's up 51 percent from 1,227 filings in November 2008, according to Wednesday's U.S. Foreclosure Market Report released by the California firm RealtyTrac.

"We are seeing an interesting change," said Judge William Parsons, one of four Volusia County circuit judges hearing foreclosure cases. "It used to be the three D's. Death, disability and divorce were the causes of foreclosures. Then it changed to people struggling with adjustable rate mortgages and now we are seeing more impacted by unemployment."

Many foreclosure cases involve delinquent loans well in excess of $100,000 and even up to $400,000, Parsons said. "And those are not the average mortgages in Volusia County," he said. "That tells me we are dealing with a lot of people who refinanced and took out home equity loans." Most distressed borrowers are giving up and not challenging the foreclosure action, or fighting to negotiate a loan modification, Parsons said.

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(resource: News-Journal)