4242 S Landar Dr, Lake Worth, FL 33463

Here’s a detailed analysis of the townhouse at 4242 S Landar Dr, Lake Worth, FL 33463, focusing on its refinancing potential:

Property Snapshot:

• Address: 4242 S Landar Dr, Lake Worth, FL 33463
• Property Type: Townhouse (specifically, part of The Countryside Townhomes Plat No 2 subdivision)
• Estimated Value: Your input: $322,800. Zillow’s Zestimate is $324,500, with a range of $302,000 to $344,000. Nearby comparable properties on S Landar Dr are listed and sold in the $300K-$375K range. A professional appraisal is essential to confirm the precise current market value.
• Size: 1,646 sqft, 3 beds, 2 baths. Public records from Zillow and Realtor.com confirm these details.
• Built: 1980 (An older home, which is a significant factor for homeowner’s insurance in Florida).
• Last Sold: The property last sold on October 28, 2019, for $175,000. This indicates substantial equity appreciation in a relatively short period.
• Lot Size: 1,968 sqft.
• Features: Masonry construction, Shake/Shingle roof (likely asphalt/composition shingles), central heating and cooling, carport. Zillow also mentions a view of a park. A recent nearby listing (4251 S Landar Dr) in the same community mentions full hurricane protection, a custom walk-in closet, screened/covered patio, granite countertops, and is a corner unit. This suggests potential for similar features in 4242, which would be positive.
• HOA Fees: Yes, confirmed at $150/month by Zillow for this address. Other nearby units in the same community confirm $130 – $170/month. This fee covers common areas.
• Community: Gated community (Countryside Townhomes 2). Allows pets, but with restrictions (no RV, no truck).

Key Financials & Considerations for Refinancing:

• Substantial Equity: Based on the 2019 purchase price of $175,000 and the current estimated value of over $320,000, the homeowner has significant equity. This makes it a strong candidate for refinancing, including a cash-out refinance if desired.
• Property Taxes: Zillow indicates $4,137 for 2024 (approx. $344.75/month). Other sources show slightly different figures (e.g., Realtor.com shows $5,095 for 2024 for 4240 S Landar Dr). It is crucial to verify the exact 2024 property tax bill for this specific address from the Palm Beach County Property Appraiser’s office.
• Homeowner’s Insurance: CRITICAL CONSIDERATION. For a 1980-built townhouse in Lake Worth, Florida, insurance costs will be very significant. Zillow’s estimate of $114/month is grossly unrealistic and dangerously understated for Florida’s current insurance market, especially for an older townhouse.
  • Clovered.com indicates the average cost of homeowner’s insurance in Lake Worth is about $5,303 yearly (approx. $442/month) for single-family homes, and warns that this is high due to coastal location and hurricane susceptibility.
  • For a townhouse, insurance is often part of the HOA master policy for the building’s exterior and common areas, with individual owners responsible for “HO6” policies covering the interior (walls-in) and personal belongings. However, even with an HOA master policy, the total insurance burden for the community is factored into HOA fees or additional assessments. If the HOA policy is lacking, or if the HOA fees don’t cover adequate hurricane insurance for the building’s structure, individual owners could face very high “gap” policies.
  • It is absolutely crucial to obtain multiple, realistic, current quotes from various insurance providers specializing in Florida, specifically for a 1980-built townhouse. You need to understand exactly what the HOA master policy covers and what your individual HO6 policy would need to cover.
• Refinance Rates: Current Florida 30-year fixed refinance APRs are averaging around 6.75% to 7.18% (as of July 22, 2025). Your specific rate will depend on your credit score, loan-to-value (LTV) ratio, and the lender.
• HOA Fees Impact: The $150/month HOA fee must be factored into your total monthly housing cost. Lenders consider this in your debt-to-income (DTI) ratio.
• Current Status: EXTREMELY CRITICAL AND URGENT. Zillow indicates the property is in pre-foreclosure (Notice of Lis Pendens on September 27, 2024), meaning the homeowner is behind on payments and the lender has initiated foreclosure proceedings.

Market Context (Lake Worth, FL 33463):

• Buyer’s Market: The 33463 zip code is currently trending towards a buyer’s market. Home values were down 3.5% over the last year (as of May 31, 2025). Homes are taking longer to sell (median of 40 days to pending).
• Townhouse Specifics: While the overall market is cooling, townhouses can be a desirable option for those seeking lower maintenance than single-family homes. The estimated value of this townhouse is in line with or slightly below the typical home value for the 33463 zip code ($391,465).

URGENT AND IMMEDIATE RECOMMENDATIONS:

1. Address the Foreclosure Status IMMEDIATELY: This is the most pressing concern. The property is in active pre-foreclosure. Refinancing is highly unlikely or impossible until this is resolved. The homeowner must:
   • Contact the Lender: Immediately communicate with their current mortgage lender to understand the exact amount owed to bring the loan current (including missed payments, late fees, and legal fees).
   • Explore Options: Discuss options such as:
     • Reinstatement: Paying the full past-due amount.
     • Loan Modification: Modifying the loan terms to make payments more affordable.
     • Forbearance: Temporarily pausing or reducing payments (often requires a plan to catch up later).
     • Short Sale/Deed in Lieu: If financially unable to keep the home, explore these options to avoid a full foreclosure.
   • Seek Legal Counsel: Engage a real estate attorney specializing in foreclosure defense in Florida immediately. An attorney can advise on rights, negotiate with the lender, or explore other legal avenues to halt the foreclosure process.
2. Verify HOA Coverage and Insurance: If the foreclosure can be averted, thoroughly investigate what the $150/month HOA fee covers. Crucially, confirm what the master HOA insurance policy covers (e.g., building structure, roof, common areas) and what portion of insurance (HO6 policy) the individual owner is responsible for. Then, obtain multiple, realistic quotes for the HO6 policy.
3. Verify 2024 Property Taxes: Get the precise annual property tax bill from the Palm Beach County Property Appraiser’s website.
4. Obtain a Professional Appraisal: Once the foreclosure issue is clarified and (hopefully) resolved, a formal appraisal will be essential to accurately determine the current market value for refinancing purposes.
5. Review Your Credit Score: A strong credit score will be crucial if you can proceed with a refinance.
6. Shop Lenders with Caution: If the complex issues can be resolved, be prepared to explain the situation to potential lenders, as the recent foreclosure activity will be a significant factor in their decision. Some lenders may be more willing to work with borrowers who have resolved a pre-foreclosure than others.

The immediate priority for the owner of 4242 S Landar Dr is to address the pending foreclosure to avoid losing the property. Refinancing can only be considered as a potential solution after the foreclosure threat has been managed or resolved.