Data shows that Florida leads the country in number of foreclosure cases, one senior woman is on the brink of foreclosure
Florida now leads the country in the number of foreclosures, according to ATTOM, a property data and real estate company. However, behind those numbers are real people struggling in South Florida, and most of them are seniors.
One of those residents is Janor Farthing, 67, who bought a modest condo for $85,000 in the Carriage Hills community in Boca Raton.
"When I purchased, I thought it would be my forever home," Farthing said.
She said she was keeping up with her mortgage payments, but poor health and COVID forced her into retirement. She's living on $1700/month social security, but she's been hit with an increase in monthly payments for her condo that threatens her very survival.
Farthing was told by mail that she needed to start paying a $2,300/month assessment for necessary repairs on her building. She also received a letter from an HOA lawyer, which says she owes nearly $10,000 more for a monthly fee mix-up. The letter also threatened foreclosure if she didn't comply.
"It wasn't shocking it just meant more stress. What do I do? I thought I'll be living with my dog in a car I don't know what I'm gonna do," Farthing said.
Property investor Katrina Vought says this is something she hears from many seniors who are stuck with high assessments.
"I run into it a lot," she said. For her, the story is the same: seniors stuck with high assessments on their homes on the brink of foreclosure.