Foreclosure Discounts Shrinking in South Florida

Florida Foreclosure, Loan Modification, and Short Sale Attorney

Heavy competition and diminishing inventory has led to a reduction in the discounts available for Foreclosure Properties

The past year has seen heavy competition between potential buyers of foreclosed homes. The result of this is that the average price for a foreclosed home in Florida is nearly the same as for a non-distressed home. Nationally, bank owned property price discounts fell to 7.7% from 9.1% a year ago.

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Latest Trend in Mortgage Fraud: Flopping

Foreclosure Defense, Loan Modification, and Short Sale Attorney

Scammers are using Short Sales to defraud Banks through Short Sale

The number of short sales has more than tripled in the past three years and with that, the opportunity for fraudsters to make quick money has also grown. Known as “flopping”, an underwater seller arranges a short sale with their mortgage holder and then intentionally misleads the bank about the condition of the property in order to sell it for as low of a price as possible to an accomplice.

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New Foreclosure Filings Up in South Florida for 2012

Florida Foreclosure Defense Attorney, Stop Foreclosure Lawyer, Delay Foreclosure Law Firm

More new Foreclosures have been filed in South Florida in 2012 than in 2011

Over 5,100 foreclosures were filed in South Florida in October, 2012, a 50%+ increase from October, 2011. More than 1/3 of the foreclosures (2,300) came from Miami-Dade County. Broward County had almost 1,800 foreclosures, up from 1,200 last year. Palm Beach County shows 1,100 new foreclosure filings, a big jump from the 757 filings in October 2011.

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Palm Beach County Realeases October Foreclosure Stats

New cases for 2012 already exceed new foreclosures total from 2011

New foreclosure cases in Palm Beach County for 2012 already exceed the new foreclosures total from 2011

The number of new foreclosure filings in Palm Beach County increased in October compared with the previous month, as well as with the same time in 2011, according to the latest statistics from the Clerk & Comptroller’s office.

The 1,418 new foreclosures filed in October also pushed Palm Beach County’s foreclosure case total for 2012 to 13,057, exceeding the 12,154 cases filed for all of 2011.

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Debt Settlement “Programs” are Often Scams

South Florida Bankruptcy & Debt Settlement Attorney

Avoid falling for Debt Settlement Company Scams – Contact a licensed Florida Bankruptcy & Consumer Law attorney to discuss your options

Many Americans today are faced with large amounts of debt. Because of this, many debt settlement companies have popped up promising consumers ways to get out of their debt in a relatively short amount of time and for less money than they actually owe.

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How Long Before You Can Get a Mortgage Loan Again?

As a Bankruptcy and Foreclosure Attorney, I am frequently asked how long after Bankruptcy, Foreclosure, or Short Sale a mortgage loan can be obtained. While everyone’s situation is different, the following table is a good overview…

Chapter 7 Bankruptcy orChapter 11 Bankruptcy 4 Years
Chapter 13 Bankruptcy 2 Years from discharge4 Years from dismissal date
Multiple Bankruptcy Filings 5 Years if more than 1 filing within the past 7 years
Foreclosure 3 – 7 yearsDepending on extenuating circumstances which would require additional documentation
Deed-in-Lieu of ForeclosurePre-Foreclosure Sale

Short Sale

2 years- 80% max LTV ratios4 years- 90% max LTV ratios

3 years from completion date

Greater LTV’s can require up to 7 years

 

If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.

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Bank of America / Countrywide HUSTLE Investors & Borrowers

Bank of America and Countrywide Foreclosure

Another instance of unclean hands on the part of Bank of America and Countrywide Loans and their part in the foreclosure crisis

In 2008, Bank of America purchased Countrywide and inherited its mortgage program called the “hustle”. This lawsuit claims that Bank of America continued to operate the hustle, which consisted of rubber-stamping risky home loans and then selling them to government controlled Fannie Mae and Freddie Mac, throughout 2009 despite the program’s poor performance.

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Any information on this website is not intended to be communicated as legal advice. All information contained on this site is general and intended for information purposes only. For detailed legal advice regarding your loan modification, foreclosure, and/or bankruptcy needs, please schedule an appointment with the attorney. The Law Office of Emil Fleysher, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.