Archive for the ‘Florida’ Category
Bankers Praise Florida Governor’s Proposed Home Foreclosure Moratorium
Thursday, December 4th, 2008Bankers in Lee County praised Governor Charlie Crist’s proposed moratorium on Florida foreclosures.
Bankers Elmer Tabor, Mark Morris and David Hall said that majority of home foreclosure proceedings do not forced families to leave their properties. Tabor added that majority of these properties are investments.
Hall, First Community Bank of Southwest Florida president, described Crist’s moratorium proposal as “a good idea”.
Morris, chief executive officer of Commerce Bank of Southwest Florida, pointed out that bankers have compassion for homeowners who are in danger of losing their homes.
Meanwhile, Tabor believed that Crist’s idea will not affect homeowners with loans originated from Riverside Bank. He adds that his bank has not scheduled foreclosures on owner-occupied homes for the months of November and December.
To justify his proposal, Crist cited government-sponsored enterprises Federal Home Loan Mortgage Corp. or Freddie Mac and Federal National Mortgage Association or Fannie Mae’s plan for a temporary prohibition on evictions and foreclosures during this coming holidays.
Crist’s plan covers mortgage lenders who promised to work with borrowers. The governor and the Florida Bankers Association are expected to announce a plan to come up with repayment options for homeowners who have mortgage arrears
The governor indicated that he wants to coordinate with bankers to ensure that they are not harmed by the moratorium on Florida foreclosures.
Last month, Florida’s foreclosure rating was the third highest in the United States, with an estimated 30,190 filings. Filings in October in Cape Coral-Fort Myers region was the first highest in Florida and the second in the country.
According to ForeclosureConnections.com, a company that monitors the housing market, about 2,352 foreclosures were filed in areas covered by Cape Coral and Fort Myers in October.
Meanwhile, Lee County Circuit Judge John Carlin plans to expedite foreclosure processing by scheduling nearly 6,000 proceedings in December. The average number of cases per month was 2,000.
A Guide to Buying REO Foreclosures in Tampa
Tuesday, November 4th, 2008Homes are continuing to become part of the already existing foreclosures in Tampa. The government is taking measures to control the situation, and many financial analysts are of the opinion that some relief in the housing sector should be expected soon. Buying a home now, as per many, is a good idea; and since foreclosure homes normally sell at discounted prices, they are being favorably looked upon as good investment opportunities.
Majority of the foreclosed homes in Tampa have been foreclosed upon by lenders/banks. These homes are referred to as REO homes, or Real Estate Owned homes. Homes that are foreclosed upon by the government sell as HUD foreclosures.
Lenders/banks give loans to people who wish to buy homes. These loans have to be paid back periodically over a fixed period of time. The property for which the loan is taken acts as security on the loan. If/when, the home owner defaults on making the payments, the lender can file for foreclosure proceedings to begin. If the loan is not cured within the time allocated to the home owner, the home is put up for sale at an auction so that the lender can recover the debt amount. If the home fails to sell at the auction, it is transferred to the lender. This is when it becomes an REO home.
While some banks employ the services of real estate agencies/agents to sell REO homes, some other banks are known to do it themselves. In either case, the lender holds the right to the property and decides on how much it can be sold for. Therefore, even if a real estate agent is handling the sale of an REO home, you can still negotiate directly with the lender.
Buying foreclosure homes through banks has traditionally been thought of as relatively safe because banks are known to take care of any other liens that might have been attached to the home previously. Unpaid property taxes are also usually paid by the lender upon foreclosure. While this is the case more often than not, it is advised that you look into it before you buy an REO home.
Banks are always in a hurry to offload foreclosed property because the longer they have them on their inventories, the higher the costs they would have to incur in the maintenance of the property. This is why they are known to offer substantial discounts when selling foreclosed homes.
While looking to buy an REO home do go through all possible resources before you make your final decision. After all, decisions like these do not come by very often.
Foreclosures in Orlando a Good Investment Option
Thursday, October 2nd, 2008While prices of homes in Orlando have fallen over the past year, some respite is in sight with the government passing measures to try and fix the existing home mortgage situation. While prices in Orlando have fallen, they might not continue to do so for long.
Traditionally, homes associated with foreclosures sell for lesser than other homes within the same neighborhood. This, therefore, is a good time to buy a home associated with foreclosures in Orlando.
Bank foreclosure homes can be bought at three different stages. Homes that are facing foreclosure are sold as short sales. Once a house has been foreclosed upon, it sells at a public auction. If the house still does not sell, it becomes an REO property and can be bought directly from the bank.
A home can sell at the pre foreclosure stage as a short sale, when the existing homeowner wishes to avoid foreclosure. While buying a home at this stage, make sure you check for any unpaid property taxes or existent second liens on the property. Since the primary concern of a majority of the home owners opting for short sales, is paying back to the lender what is owed on the property, these homes can sell for substantially lesser than their market values.
Homes that are foreclosed upon are first put up for sale at courthouse auctions. Buying a home during this stage can be a risky proposition as these homes are not open to inspection, and any costs involved in repairing the house post the auction need to be borne by the buyer. However, some very good deals can be obtained if a good amount of research is put into the process. Ideally, the auction you decide to bid at should not be the first auction you attend.
When a home passes the auction stage, it passes on to the lender who holds the mortgage on the property. It is then referred to as a Real Estate Owned (REO) property. While buying a foreclosure home through a bank, previous arrears associated with the property need not be worried about. Also, the previous home owners would have been evicted before you buy the home. The primary concern of the bank, in these cases, is to recover the balance on the unpaid mortgage associated with the foreclosure including the costs they had to incur during the process. This, therefore, leaves good room for bargaining.
Lists of homes that are involved in foreclosures in Orlando can be found in local newsletters, the internet, local estate agents and lending institutions that deal with home loans. Make sure you explore all possible avenues before reaching a decision.
A Guide to Invest in Foreclosures in Miami
Tuesday, September 30th, 2008With people growing skeptical about investing in the stock market, and with a decline in rates of interest, an increasing number of people are looking at real estate as a good investment opportunity. In particular, it is the foreclosure market that is catching the eye of many small time investors.
Whether you are looking for a home to live in, or looking to buy more as investment, with the increasing numbers of foreclosures in Miami, choices are aplenty. The notion about foreclosure properties being part of crime laden neighborhoods has long been destroyed, with a number of foreclosure homes belonging to affluent beach front communities.
One notion that would need to be dispelled is that you would get all houses foreclosure at throwaway prices. While homes are known to sell with up to 50% discounts, this is not common place. You could, however, expect to get a 10% to 20% discount of existing market values.
The foreclosure procedure begins when a home owner defaults on making the monthly mortgage payments. In a number of cases, the general upkeep of the house is ignored by the home owner due to lack of funds. If you are buying a house during pre foreclosure, a thorough inspection of the house is called for. If you are unsure of what to look for, or are daunted by the process, you can seek professional help. Only after inspecting a property should you reach upon a price you would be willing to pay. Checking for taxes that have not been paid and second liens linked to the home is a must, as these become your liability after you buy the house.
Homes that sell at foreclosure auctions cannot be inspected. This process is best left to the professionals and if you do plan do bid at an auction; make sure it is not at the first auction you are attending. Auctions have been known to throw some very good deals, but call for a thorough study of the process for any luck.
For buyers who are new to the process of buying foreclosure homes, the safest bet is to buy a lender owned property. Also referred to as REO homes, these are homes that are in the possession of lender who held the mortgage on the home in question. While homes that are well maintained might not be sold at great discounts, homes slightly out of shape can be bought quite cheaply. Since no bank likes to keep foreclosure property on their books for any longer than required, they are known to accept low offers if it helps them break even.
The internet is a very good place to start your search for foreclosure homes. Do remember, that while foreclosure homes are known to offer great deals, it does require patience and effort on your part to look for the right deal.
Orlando Foreclosures On The Rise
Tuesday, August 19th, 2008Orlando is located in Orange County, Florida. Due to the turmoil in the mortgage industry, home foreclosures are on the rise in the whole state, and the Orlando foreclosures are no exception. In the year 2007, it was reported that more than 11,000 homeowners in and around Orlando were undergoing the foreclosure process, and many more were expected.
Difficult Times For Tampa Homeowners
Monday, June 9th, 2008The situation is no different in the first quarter of 2008 as well. The worst hit areas are Hillsborough and Pinellas counties followed by Pasco County. Lenders in the Pasco County have sued almost 211 homeowners in the month of November 2007, which is an increase of 8% since October and an increase of 87% since November 2006. All this is adding to the huge repository of foreclosures by state while homeowners find themselves in desperate situations.
Foreclosure Rates Higher in Brickell condominiums
Friday, June 6th, 2008According to some of the recent reports, Miami foreclosures have completely overshadowed the South Florida real estate and housing market. As a result of high number of foreclosures in 2008, Miami is ranked second in the country where foreclosures are concerned and Brickell condos have the highest foreclosure rate locally.
Foreclosure Statistics in Miami-Dade County
Saturday, May 24th, 2008Bank foreclosed home is one of the biggest nightmares for any homeowner and Miami seems be reeling under a long spell of foreclosure nightmare. Foreclosures in the state of Florida started to rise since 2005 and since then it has been taking huge leaps every year and here are some comparison statistics for Miami:
Foreclosure Auctions: Miami contributed to the national average recording some of the highest rate of foreclosures by state in 2008. The county that recorded an increase in foreclosures is Miami-Dade County where the number of foreclosure auctions in April 2008 was 882, which is a jump of 8.75% from March 2008. In March 2008, 811 foreclosed houses in the Miami-Dade County were auctioned and this is a jump of almost 160% since April 2007 when number of foreclosures auctioned was 339.
The total number of foreclosure auctions in Miami-Dade County in the first quarter of 2008 was 2231 as compared to 8877 in Los Angeles, 918 in New York City, while Seattle recorded a low of 385.
In Miami the foreclosure auctions scheduled in the first quarter of 2008 increased by a whopping 126% as compared to the first quarter of 2007. The foreclosures in Miami per household in 2008 were very high and were almost 5 times higher as compared to Seattle and 9 times higher than New York City. As a result on one hand investors are having a great time buying great homes at a low price while homeowners are paying a heavy price for taking ARM for buying their dream homes. Such is the state of affairs in one of the most beautiful cities of South Florida!
Increasing Tampa Foreclosures Spell Booming Business For Tampa Law Firms!
Monday, May 5th, 2008Filing foreclosures in cities that are swamped by ever increasing foreclosure lists means plenty of lawsuits and legal work. Law firms such as Florida Default Law Group in Tampa may have set a record of sorts when it filed over 400 forclosure lawsuits for Hillsborough County in February 2008.
The After Effects of the Economic Storm
Tuesday, April 1st, 2008That was in 2000 but today things have changed. Seven years later, the average home price in South Florida is almost twice the amount and with it comes many other baggage’s like an increase in property tax.
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