The Ninth Judicial Circuit which includes Osceola and Orange County reports over 50,000 backlog foreclosures cases. The Florida Bar News article, Rainy Day Dollars Used to Alleviate Foreclosure Backlogs, lists foreclosure backlog totals throughout the 20 judicial circuits in Florida. Ninth Circuit Chief, Judge Belvin Perry was quoted in the news article; “People in the banking community seem to think there will be an increase in filings”.
Increase in foreclosure filings
What are the signs that would suggest that the “people in banking” might be right in thinking there will be an increase in foreclosure filings?
Mortgage delinquencies
The August housing scorecard prepared by the U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury noted that; “the market remains fragile with foreclosure starts showing a slight increase and serious delinquencies continuing to work through the pipeline.”
The Mortgage Broker Association has reported that the number of households that are now 30 days late have increased. They say the increase is related to the increase of first time unemployment claims. If this is true, additional late payments may be on the horizon with Florida’s unemployment rate increasing to 11.5% in July.
Unnecessary slowdowns in the marketplace
Right now there are over 5,000 homes in the MLS listed as being sold subject to a short sale. While a number of these homes have had foreclosure proceedings started, it is reasonable to think that some of the homes were presumptively listed in order to avoid foreclosure. However, with lender delays in processing short sales, coupled with low appraisals landing on the desks of the buyer’s lender, these homes may eventually add to the already existing backlog.
Lenders need to continue to work on increasing the lines of communication and streamlining the short sale negotiation process so more homes can end up sold to ready, able and willing buyers, thereby reducing the number being foreclosed.
If you are facing foreclosure you need to know that their may be options for you. These options include programs and solutions that might allow you to stay in your home. HUD’s foreclosure avoidance counseling directory and Making Home Affordable.gov are two great resources of information for you.
Pick up the phone and call your lender, your attorney or me to receive additional information.
Showing posts with label avoiding foreclosure. Show all posts
Showing posts with label avoiding foreclosure. Show all posts
Apr 4, 2010
If you are facing foreclosure be aware of those who are looking to take advantage of you.
The last thing you need when facing a hard personal situation like foreclosure is to meet up with those who would try and take advantage of you during your distressed situation for their own gain. Unfortunately this is happening across the State and the State of Florida’s Attorney General is fighting back to protect you from these unscrupulous individuals and companies.
In 2007 Attorney General Bill McCollum began the Mortgage Fraud Task Force to address the issues of mortgage and foreclosure rescue fraud. The Task Force is looking to take legal action against those companies who would mislead the consumer facing foreclosure. These companies will take upfront or advanced fees from the distressed homeowner promising to help them avoid foreclosure but the help never come.
The mortgage fraud website keeps a list of companies with questionable business practices that include:
If you feel you have a complaint against a company that offered to help you avoid foreclosure you can call the Task Force hotline at 1-866-9-NO-SCAM.
Related Florida real estate blog posts about the Attorney General
In 2007 Attorney General Bill McCollum began the Mortgage Fraud Task Force to address the issues of mortgage and foreclosure rescue fraud. The Task Force is looking to take legal action against those companies who would mislead the consumer facing foreclosure. These companies will take upfront or advanced fees from the distressed homeowner promising to help them avoid foreclosure but the help never come.
The mortgage fraud website keeps a list of companies with questionable business practices that include:
- Not providing consumers with a copy of written agreements
- Falsifying loan applications and documents
- Misrepresent the company as being a government entity
- Misrepresenting the services that they had been paid to provide
- Refused to refund fees despite a money-back guarantee
- Charging fees up front before completing foreclosure rescue services, a violation of Florida’s Foreclosure Rescue Fraud Prevention Act
If you feel you have a complaint against a company that offered to help you avoid foreclosure you can call the Task Force hotline at 1-866-9-NO-SCAM.
Related Florida real estate blog posts about the Attorney General
Jul 14, 2008
Impact of foreclosure on families
First Focus has a report that you should read dealing with the impact of foreclosures on children and families.
The report titled: The Impact of the Mortgage Crisis on Children written by Phillip Lovell and Julia Isaacs.
The report centers on the fact the foreclosures affects a child:
The report titled: The Impact of the Mortgage Crisis on Children written by Phillip Lovell and Julia Isaacs.
The report centers on the fact the foreclosures affects a child:
- Education
- Social relationships
- Physical health
- Emotional health
According to this report 2 million children will be impacted by foreclosure
Please read the First Focus report.
Related Florida real estate views:
Florida attorneys offering free help to homeowners facing foreclosure
- Greg Staker Watson Realty Corp. 407-304-0255
Jun 19, 2008
Mr. Postman look and see if there is a letter from FHA for me.
FHA is sending letters to homeowners faced with the serious issue of foreclosure according to this recent news release.
The letters will be mailed out through September to more than 800,000 households. "This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston.
The threat of foreclosure is a serious issue in Florida. Many home owners who are unable to pay their mortgage payment, are unable to sell the home for what they owe and cannot negotiate a short sale are seemingly left with few choices. The purpose of the FHA letter is to informed distressed home owners that there may be a possible solution in obtaining an FHA loan and offers the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Here is the letter:
Dear Homeowner,
Do you need help with your mortgage?
Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.
Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit http://www.fha.gov/. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.
Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to http://www.hud.gov/utilities/intercept.cfm?http://www.hopenow.com/.
Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to http://www.fha.gov/. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner
Related Florida real estate views:
HUD/FHA deed in lieu eligibility
FDIC warns against mortgage fraud
New law may save your house
- Greg Staker - Watson Realty Corp. - 407-304-0255
The letters will be mailed out through September to more than 800,000 households. "This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston.
The threat of foreclosure is a serious issue in Florida. Many home owners who are unable to pay their mortgage payment, are unable to sell the home for what they owe and cannot negotiate a short sale are seemingly left with few choices. The purpose of the FHA letter is to informed distressed home owners that there may be a possible solution in obtaining an FHA loan and offers the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Here is the letter:
Dear Homeowner,
Do you need help with your mortgage?
Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.
Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit http://www.fha.gov/. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.
Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to http://www.hud.gov/utilities/intercept.cfm?http://www.hopenow.com/.
Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to http://www.fha.gov/. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner
Related Florida real estate views:
HUD/FHA deed in lieu eligibility
FDIC warns against mortgage fraud
New law may save your house
- Greg Staker - Watson Realty Corp. - 407-304-0255
Jun 8, 2008
How you might avoid foreclosure
Call your lender immediately when you start to fall behind on your mortgage payments; explaining your hardship situation. The lender does not want the home. They will often work with you with a goal of keeping you in your home. Make the call.
Read more about getting help to avoid foreclosure.
Related Florida real estate views:
Florida attorneys offering free help to homeowners facing foreclosure
Washington Mutual helps more than 7500 homeowners avoid foreclosure
Florida foreclosure prevention counseling receives support
- Greg Staker Watson Realty Corp. 407-304-0255
Read more about getting help to avoid foreclosure.
Related Florida real estate views:
Florida attorneys offering free help to homeowners facing foreclosure
Washington Mutual helps more than 7500 homeowners avoid foreclosure
Florida foreclosure prevention counseling receives support
- Greg Staker Watson Realty Corp. 407-304-0255
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