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All Posts Tagged Tag: ‘Short Sale’

The Benefits of a Short Sale

The foreclosure process is a frightening situation. Not only can it be a long, drawn out process, it can also be severely damaging to a homeowner's savings, assets and credit. In today’s day and age, it's tempting for some homeowners to just throw in the towel in defeat and allow the bank to seize their home in order to avoid the embarrassment, stress and social stigmas that are associated with foreclosure. There are other options though, such as a short sale, that provide more benefits to a homeowner than they would get by simply walking away. A short sale is a transaction in which the bank lets the delinquent homeowner sell the home for less than what's owed. The borrower finds an...

Foreclosures for Southern Florida on the Rise Again

All year it has been reported that foreclosures in South Florida were on the decline – until now. As of September 13th, a Sun Sentinel post stated what most real estate experts feared: the foreclosures for South Florida are on the rise. In Broward County there was an increase of foreclosure properties by 29 percent for August. This is a significant increase from what they were at last year. According to RealtyTrac, Palm Beach County has increased their foreclosure amounts by 35 percent. For the month of August, Florida held the second-highest foreclosure rating. The highest was held by Illinois. In Florida, one out of every 328 homes has received a notice of pending foreclosure. Most...

Banks Offer Up Mortgage Relief for Florida Homeowners Underwater

Already five banks have offered $1.7 billion in mortgage relief to Florida homeowners by using short sales to avoid foreclosures. Over 23,000 homeowners have taken advantage of this relief offered by Ally Financial, Citigroup, JP Morgan Chase, Bank of America and Wells Fargo according to a Biz Journals post. Though this helped significantly improve the state, there is still more help on the way for homeowners who are facing foreclosure on their underwater properties. Banks are now offering homeowners an option to reduce their mortgage principal balance and for some homeowners this reduction will be drastic. Since March 2012, over 1,000 Florida homes were determined to have a drop in their...

Korte & Wortman News – Florida Foreclosures Continue to Rise for 2012

The rate of foreclosures in the state of Florida continues to rise even as the year is over half way complete. These foreclosure stats include all bank repossessions and default notices, which have increased by over 20 percent according to a recent Florida Current post. The information reported was provided thanks to a report conducted by RealtyTrac for the opening of 2012. Unfortunately, Florida is definitely under the norm for the rest of the country since the rest of the United States currently has experienced drops in their foreclosure rates all around. In fact, the average for the rest of the country is showing a drop of over 10 percent. Luckily, Florida is not listed as the highest...

Orlando Just Misses Top Ten List for Large Cities with High Foreclosure Rates

May’s numbers are in, and the Orlando Business Journal reports that the metro Orlando foreclosure rate has risen a whopping 37.7% since April 2012. The area includes Lake, Osceola, Orange, and Seminole counties, where the total number of default notices, bank repossessions, and auction notices is 3,715. This number is a full 80.5% higher than metro Orlando figures for May 2011, and it confirms that one out of 254 households will be forced to leave their homes. While the metro Orlando rate is high, it didn’t make the top ten highest foreclosure rates for large cities nationwide. Orlando came in at number 11, just missing the list. Florida as a whole continues to struggle, as the state...

Florida Foreclosure Rates and Delinquencies Down

In the counties of South Florida, it was reported that the mortgage delinquency rates and foreclosure numbers have taken a significant drop. In a recent Biz Journals post it was also reported that the Miami Dade area has the lowest number of foreclosures for the start of 2012, but unfortunately, they still have a higher number of foreclosures and mortgage delinquencies than anywhere else in the country. With more lenders watching how they file paperwork, especially in regards to foreclosures and more companies offering loan modifications or short sale options, there are fewer foreclosures throughout the nation and luckily it is finally reaching the Florida area. Even though Florida has a...

Korte and Wortman, P.A. Talk about Mortgage Forbearance

Not every home loan results in a foreclosure, even if it is drastically past due. That being said, a homeowner needs to seek professional assistance with their home loan to prevent the foreclosure. One popular method used by mortgage professionals is the use of mortgage forbearance. What is it? Mortgage forbearance is used by the professionals at Korte and Wortman for our customers throughout the Florida area. This written agreement is between the homeowner and the mortgage lender. In the agreement the lender agrees to not use foreclosure on the property and the borrower (homeowner) agrees to a specific repayment plan that over time will help the homeowner get current on their...

Military Borrowers Finally Receive Short Sale Relief?

The housing market has been less than ideal for the average American, but this is especially true for military individuals and their families. According to a recent Loan Safe post, Freddie Mac will now be creating a new policy specifically designed to help military members and their families with short sales if they are in a distressed home or financial position. Right now, Freddie Mac has not released the official policy. This short sale policy will be created by collaborating with several military members who are currently in distressed homes as well as federal organizations to come up with the best solution to their short sale plan. All that has been released is that the new plan will...

Short Sales across the Country Expected to Exceed Foreclosure Deals

There have been a lot of changes in the housing market for 2012, but one of the notable ones is the change in foreclosures versus short sales. Instead of multiple foreclosures across the country, more lenders are allowing owners to utilize short sales, which means the bank takes a loss and the homeowner avoids foreclosure. According to RealtyTrac, Inc. short sales are expected to surpass the foreclosure deals for 2012, especially with the numbers seen in recent sale reports. According to a recent Bloomberg report, the number of pre-foreclosure homes sold at short sale has risen by over 25 percent in comparison to the year before. Even though the lender takes a loss, more lenders have...

Foreclosures Make a Jump in Southwest Florida

The news has been boasting about the low foreclosure rates, but in the past two weeks foreclosure rates have gone back to their typical rate: high. In southwest Florida the foreclosure rates are back on the rise according to a recent Loan Safe post. May was the spawn for more foreclosures and less short sales in the southwestern Florida region than for the entire 2012 year so far. According to real estate experts, banks were holding out for media coverage to die down regarding their unfair foreclosure practices before. Now that the media frenzy is over and the lawsuits are paid out, mortgage lenders for Florida, Nevada and California all jumped back into their practices for foreclosing on...
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