The Story Of North Lauderdale Foreclosures

Posted in Foreclosure, March 17th, 2008 |

The famed city of North Lauderdale in Broward County, Florida – the “City of Tomorrow” conceived by the famous architect Morris Lapidus is now looking around for charity funds to ward off increasing foreclosures. Till now the city fathers have been content covering pot holes, beautifying parks and juggling with taxes. But overnight the picture has changed with the invasion of the foreclosure crisis. Now they are looking for charity funding to purchase as many foreclosed units as possible, renovate them and sell them at cost price. This seems to be the only way of saving the city from the blight of foreclosures. Out of dire necessity the city officials are venturing into real estate. The money raised will also be used for families who are have problems paying rent. Commissioner Rich Moyle is emphatic that something has to be done. North Lauderdale must not be allowed to sink into the foreclosure mire.

Moyle had read about how some of the nation’s biggest charity concerns are eager to take part in the foreclosure rescue operations. Premier among them is Ford Foundation with $12.8 billion assets. This is according to The Wall Street Journal.

Of all the houses in North Lauderdale 22% was stained with foreclosure in 2007. It is the highest percentage in Broward County. Nearly 683 houses are in the pre-foreclosure or foreclosure stage said Jesus Valdes the assistant director of community of development who is also the chief code compliance official. These foundations are being approached by the city officials to save the city. Without looking at the profit angle the houses could be bought, repaired and sold through a sane, and not insane type of mortgage.

North Lauderdale had in November created a position for the improvement of the neighbourhood. The person would advise the locals about avoiding foreclosures, guide those on the threshold of eviction and tackle the problem of abandoned units. By an ordinance the officials were granted entry into unoccupied private property to tackle health and safety problems. About 20 such houses have already been inspected. The operation involved cleaning garbage, boarding doors and windows and putting up fences around swimming pools and trimming lawns. The approach is positive with a ‘now’ angle instead of waiting for others to decide tomorrow.
It is vital to find money from charities because the city is eating into its in-house fund to keep the city shipshape from foreclosure related blues.