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All Posts Tagged Tag: ‘Florida Housing Market’

Foreclosure Filings Down By Almost Half – Are We Recovered?

The Palm Beach Post reported this week that foreclosures are down 49 percent from last year and 9 percent from January. For some, that’s a sign that the real estate industry has improved. But if you’re the person still going through a foreclosure, it likely doesn’t matter what the numbers say. When it’s your home in foreclosure, it doesn’t matter whether the rest of the economy has rebounded, it doesn’t matter whether the courts are clogged, and it doesn’t matter that others have “recovered.” The new numbers make it easy for the general public to believe that troubles are over for the housing industry. That would be naïve. Several other sets of numbers show a...

Foreclosures Drop Below 300,000 But Properties Remain In Distress

So, for the first time since 2008, there are fewer than 300,000 foreclosures in Florida’s courts. The Palm Beach Post reported earlier this week that the number of cases statewide dipped to 299,055 in August, a dip attributed to the fast track foreclosure law that went into effect July1. But don’t let the name fool you. Nothing is moving fast under the new law. Banks, who were supposed to be able to use the new law to speed up foreclosures, have stalled filing new cases because of the new law’s provisions requiring that they attach an affidavit saying they possess the mortgage note when they file. They can’t comply. Some homeowners have been aided as judges push cases forward...

The Double-Edged Sword Of A Foreclosure Dismissal

Homeowners are facing a double-edged sword in the fallout from the fast-track foreclosure law passed during the 2012 legislative session. The fallout no doubt was not the vision Legislators had when they passed the law that was expected to hurry cases through the court system and help clear foreclosures from the landscape. Foreclosures have slowed to a trickle in South Florida because of the tougher standards for lenders to file cases. The law now requires that each lender attach an affidavit that says the lender holds the note in the case. Since the law took effect, foreclosure filings have dropped like a rock compared to the same period last year – filings were down 61 percent in Palm...

A Win – But Potentially A Big Loss For Homeowners

A recent decision out of the 2nd District Court of Appeals shows that courts in Florida still are more concerned with expediency than the rule of law. The foreclosure case of Deborah Focht v. Wells Fargo resulted in the appeals court reversing Focht’s foreclosure in late September. As in countless foreclosures throughout the nation, this case was overturned on the issue of whether the bank had the right to foreclose – whether it had standing. And as in countless other foreclosures, the bank did not produce the promissory note that establishes standing until months after it had filed foreclosure. While the trial court ignored the defense, the appeals court reversed the case....

Weak Jobs Report Underscores Continued High Foreclosure Rates

It probably comes as no surprise to anyone looking for a job that the bulk of jobs available today won’t allow you to buy many big-ticket items, much less support a mortgage. The Labor Department’s jobs report for July 2013 underscored what job hunters are keenly aware of already. There were fewer jobs created than experts thought, and those being created are low-wage, often part-time work. Dan Alpert, managing partner at Westwood Capital, said in an interview with Yahoo Finance’s Daily Ticker that 70 percent of the jobs created in the second quarter averaged $15 per hour. "Really we have become a nation of hamburger flippers, Wal-Mart sales associates, barmaids, checkout people...

The Average Mortgage Reduction in Florida Hits $114,000

As part of the agreement between the country’s largest lenders and the country, mortgage reductions were require to help homeowners across the country get out of their underwater situations. Already more than 1,000 homeowners in the state of Florida have received an average reduction reward of up to $114,000 on their mortgage since February. According to a recent Palm Beach post, this reduction will help homeowners who are suffering from significant underwater mortgages refinance or even sell their home without worrying about being shorted over $100,000. Unfortunately, not all homeowners in the Florida area are receiving this type of reward. Since some homeowners are not working with the...

Short Sales to the Florida Housing Market’s Rescue?

In the state of Florida, many homeowners and condominium owners are headed to court to defend their case and plead to keep their home from foreclosures. Unfortunately, most of these homes facing foreclosure are still waiting on financial institutions to actually file the foreclosure paperwork. In a recent Naples News post, it was stated that Florida financial institutions have started the foreclosure process, but still have hundreds pending and waiting for multiple reasons. The biggest reason foreclosures are sitting in this “limbo process” is due to the robo-signing lawsuit that completed earlier in 2012. Since mortgage firms were found guilty of falsifying foreclosure documents, many...

Florida Mortgage Costs Near Top in U.S.

According to a Bankrate.com survey posted by Mary Shanklin of The Orlando Sentinel on LoanSafe.org website, the state with fourth-highest mortgage costs in the United States is Florida. Bankrate.com, a company based out of North Palm Beach, Florida, surveyed ten lenders throughout the United States and the District of Columbia. They obtained $200,000 good-faith mortgage online estimates with a 20 percent down payment for their survey. Fees charged by lenders, as well as, additional appraisals and title insurance services assessed third-party fees were also included in the mortgage estimate survey. This eighth annual mortgage-cost survey conducted by Bankrate.com provided a breakdown in...

Florida’s Jobless Rate Hurting the Housing Market

Florida has been struggling for some time to bounce back from the housing market decline and unfortunately it does not seem to be improving any time soon. With the latest numbers offered by a recent LoanSafe post, Florida’s jobless rate seems to be greatly impacting the recovery of the Florida housing market. According to the experts, the unemployment rate for Florida is not going to change much between July and December of 2012. Most experts feel there will not be a considerable change at all until past 2016. It is not just the United States suffering from the current economy and housing market. In fact, other countries such as Europe are also suffering from a downturn in jobs and...

Florida Title Owner Sentenced for Mortgage Fraud

As if Florida homeowners did not have it bad enough, they have had to shield themselves from mortgage lenders and title agencies who are committing mortgage fraud. Finally one of these fraudsters has been removed from the mortgage scene. On July 26, 2012 it was announced in a Loan Safe post that a Florida title agency owner, Cynthia Strickland was sentenced to jail for mortgage fraud for 18 months. Strickland is ordered to pay back the amount of fraud that she took from homeowners in the Jacksonville area. Strickland had a scam in Florida where she would have an associate enter into real estate contracts for properties that were taken from a real estate appraiser. The properties were...
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