Florida Foreclosure Help in Hollywood, south Florida short sales

Chase Short Sale Incentive

Chase Pays Homeowner $30,000 to do a Short Sale! After 4 years of not paying a penny on his mortgage, Harry (not his real name) was able to walk away with $30,000 in his pocket and owe Chase not one cent! As the owner of several gas stations, Harry had been making good money and bought a 4800 square foot home in Miramar back in 2001. In 2007, at the height of the boom, Harry refinanced and borrowed $650,000 against his home. Through a series of incidents, Harry lost his businesses and could not ...

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Home Foreclosure Rates Spike in South Florida

Home Foreclosure Rates Jump in South Florida In 2011 the number of foreclosures slowed. Now the banks are increasing their foreclosure activity. The number of south Florida homes in some stage of foreclosure is up 53% from 12 months ago, to 3,563 homes in February. Now, one out of every 264 homes in Florida is in some stage of foreclosure. For all of Florida, the increase in foreclosures is slightly less, at 40%. So what is the forecast for 2012 for foreclosure in south Florida? Across the country, there have been 8.2 million homes ...

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Florida Wants to Pass New Foreclosure Laws

Florida lawmakers want to make it easier for banks to foreclose on abandoned properties as well as make lenders complete foreclosures faster. Florida is one of the worst hit states with 360,000 foreclosure cases still winding through the courts. The average foreclosure takes about two years to process in Florida with many cases taking three or even four years. The bill’s sponsor in the Florida House of Representatives, Kathleen C. Passidomo, stated, “We have a lot of property that needs to get back in the stream of commerce and borrowers who need ...

Florida Wants to Pass New Foreclosure Laws is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

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Foreclosure Payouts to Homeowners

Will the Foreclosure Payouts Really Help Homeowners in south Florida? $25 billion seems like a lot of money to go around but don’t think it is really going to help too many homeowners in south Florida. A large chunk will go to 750,000 people who have already lost their homes- but they will get less than $2,000 each. A nice little present, but it’s not going to change anyone’s housing situation. Another one million homeowners who are underwater are expected to get a principal reduction of around $20,000. Again, is that going to ...

Foreclosure Payouts to Homeowners is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

Are loss-share lenders gouging us?

Noelle Nikpour November 27, 2011 In the wake of the recent real-estate meltdown, the borrower of a nonperforming loan called his lender with promising news: “I have a buyer looking to make an all-cash offer for my Florida property. Will you meet with us tomorrow?” The lender’s answer: “No.” Disturbingly, this implausible response is not uncharacteristic of lenders who exploit FDIC loss-share agreements by seeking to foreclose on nonperforming loans, even when prudent business judgment calls for short sale or loan modification solutions. By perverting the terms and spirit of loss-share agreements, these lenders ...

Are loss-share lenders gouging us? is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

Bank of America Offers Homeowners $20,000 to do a Short-sale

Following the example of Chase Bank, Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes in an effort to get them off their books. This offer from bank of America was sent out via email to select Florida Realtors earlier this week outlining basic details of the plan. There are some strict conditions, however, regarding eligibility and investor participation. The short sales must be submitted for approval to Bank of America before Nov. 30 to qualify. The homes must have no ...

Bank of America Offers Homeowners $20,000 to do a Short-sale is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

Facing Market Realities

Nate Towne is well aware of today’s unforgiving real estate market trends. At least he now has an unbiased opinion of the value of the Madison, WI house he is trying to sell. The house went on the market ‘by owner’ for $250,000; when Towne relocated and had to list with an agent, the price rose to $259,000. Towne was one of four winners in ForSaleByOwner.com’s “Is Your House Priced Right?” contest, which invited homeowners around the country to submit short essays explaining what they thought their houses were worth, and ...

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New federal refinance plan shuts out homes too far underwater, may help few in Florida

By Kimberly Miller Palm Beach Post Staff Writer Updated: 10:58 a.m. Saturday, Sept. 10, 2011 Posted: 9:28 p.m. Friday, Sept. 9, 2011 Recognizing the shortcomings in his once-heralded refinance program for struggling homeowners, President Obama asked Thursday for a revamp of the 2009 plan that has helped fewer than 840,000 borrowers nationwide. The Home Affordable Refinance Program, or HARP, was created to encourage more homeowners to take advantage of record-low interest rates by allowing borrowers to refinance even if they owe up to 25 percent more on their loan than their home is worth. Interest rates have continued to drop since the plan’s debut, with Thursday’s ...

New federal refinance plan shuts out homes too far underwater, may help few in Florida is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

Foreclosure Crisis – Another Wave Of Foreclosures To Hit South Florida

How to rescue the housing market: Foreclosures!

NEW YORK (CNNMoney) — If the Obama administration really wants to save the housing market, it should speed up the foreclosure process — not prolong the inevitable, experts say. Four years into the housing crisis, the real estate market is still teetering on the edge. The Obama administration has tried one program after another to stem the tide of foreclosures with limited success. And it is continuing to look for ways “to ease the burden on struggling homeowners,” though no new initiative is imminent, the White House said this week. But some ...

How to rescue the housing market: Foreclosures! is a post from: Florida Foreclosure Help in Hollywood, south Florida short sales

Foreclosures Continue to Rise Causing Strain on the Economy

Foreclosure Rate Continues to Decline

Foreclosure Rate Continues to Decline Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac. The number of foreclosure filings in July was 35% down on the same month last year. 212,764 properties received either a default notice, auction notice or was repossessed by the lender. This means that for 10 months in a row foreclosure filings have been coming down. Still, this is one out of every 611 housing units- just in that one month. “It appears that the foreclosure processing delays, combined with the smorgasbord of national ...

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