Attorney Roy Oppenheim is helping South Florida homeowners avoid foreclosure by demanding that banks and lenders show proof of true mortgage ownership.
Housing market experts say that the decline of home foreclosures in California is not a positive trend. Experts say that this decline will only slow down the time it takes for the housing market to recover.
Florida foreclosures in 2008 put the state second to California in a ranking of the ten U.S. states with the highest foreclosure rates, as surveyed by California tracking firm RealtyTrac.
Judge John Carlin and other judges in Lee County, Florida have been holding rocket docket hearings to clear the court of thousands of foreclosure cases.
Florida's 12 biggest lenders will meet on April 20 to discuss the issue of modification for loans packaged as securities. This is another effort by the state to help homeowners save their houses from being added to lists of foreclosed homes.
Florida Chief Financial Officer Alex Sink and volunteer lawyers have been helping homeowners prevent their homes from being added to inventories of foreclosure properties. More lawyers are needed to help the rising number of distressed borrowers.
BankAtlantic and BankUnited have announced a moratorium on their foreclosure activities as they await the Obama Administration' recovery program for the housing market.
South Florida is perhaps one of the worst hit areas for foreclosures. With rates topping 50% in the Miami-Dade area, the onslaught of foreclosures has had spiraling effects throughout the entire system. On average, it can take 2 years for the foreclosure process to complete in Florida, while the national average is only 16 months.
With the rapid decline in prices of foreclosed homes and distressed properties, experts believed that now is the right time for capitalists to venture into the Florida foreclosure market.
The first six months of 2010 saw foreclosures by state in the U.S. rising significantly, particularly among metro areas. Almost 75% of all metros experienced increased foreclosures.
Record numbers of Cape Coral foreclosures in 2009 put the city second only to Las Vegas in a ranking of metro areas based on foreclosure rates. The metro area posted nearly 43,000 foreclosure filings in 2009.
Failed condo and multifamily projects continue to drive foreclosures in Miami. Among these failures are 93 condo units that were sold at 60-percent discount and new condo units that are set to be auctioned off at 71 percent discount.
More Miami foreclosure homes mean more loads of work for the courts, but for real estate investors, these foreclosures are gold mines to be explored. According to local realtors, there are currently 40,598 housing units in foreclosure listings for investors to choose from.
Funding for schools in Florida has been reduced by about 20 percent as real estate taxes are being cut by declining property valuation amid lender and government foreclosures.
In the past few years there has been a disturbing trend of unfortunate mistakes that have taken place at the expense of home owners around the country; homes have been foreclosed on and home owners evicted by banks who do not actually hold title to these homes.
There are at least five reasons why Florida foreclosures are popular to foreign property investors. Among these is the continued surge in state foreclosures, as shown in the 29-percent increase in filings to more than 153,000 in the first quarter.
The increasing number of foreclosed homes in Florida have crushed thousands of lives but created an opportunity for realtors who became inventive in their strategies to attract homebuyers.
Record numbers of Florida foreclosures put the state third in foreclosure rate and second in filings among all states in 2009. Florida also got $348.31 million from the NSP, much more than any other state.
Property appraiser Bill Donegan criticized Florida Governor Charlie Crist’s property tax plan which aims to attract more first-time homebuyers and help solve Florida foreclosures.
HUD homes and other foreclosure cases handled in the courts of Florida have declined in the fourth quarter. The trend is partly attributed to the moratorium.
Prospective buyers looking for fixer upper houses for sale can find them in large numbers in Florida cities. Overbuilding has left many Florida cities with a lot of unsold nondistressed fixer uppers, in addition to long vacant foreclosures.
The number of South Florida foreclosures topped all metro areas in the United States during the first half of 2010. Almost four percent of homes in the area received notice during the period.
Florida foreclosures worth $1.77 billion were repossessed by banks in the first quarter. Substantial exposure to bad residential and commercial loans contributed to the failure of 26 Florida banks as of May 7.
Public records for foreclosures in Florida, including duplex foreclosures for sale, reportedly showed certain errors. The errors are said to appear in mortgage assignments.
President Barack Obama's proposal to reduce tax breaks has caused concern to homeowners who fear a drop in housing values and increase in Florida foreclosures.
Mortgage lenders who attended the summit held by Florida Chief Financial Officer Alex Sink in Tampa agreed to appoint a person who will deal with distressed homeowners intent on saving their houses from being added to lists of foreclosure properties.
Only 10 out of the 1,000 low and moderate income homeowners have succumbed to Florida foreclosures, indicating that these people are more prepared to deal with the impact of the foreclosure crisis.
If you are thinking of looking into Florida foreclosure, then there are certain steps to follow. These steps include surfing the web and looking for housing market experts.
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