Florida leads the states with the largest number of REOs, bank repossessions, in October 2014 according to RealtyTrac. Maryland, however, has taken the lead in the highest foreclose rates of the nation. There were 4,905 properties repossessed by banks in Florida, 2,000 less than that in California, Ohio came in third with 2,057, Illinois with 1,620, Maryland with 1,602 and four more states with more than 1,000 REO’s in October.
In a few days the Supreme Court will make a determination of whether homeowners who have filed bankruptcy are eligible to nullify a second mortgage assuming that the property’s market value is lower than the amount owned on the first mortgage.
A Palm Beach County woman had her bank account frozen for nearly three years until a Broward County circuit judge ordered Bank of America to unfreeze it and BB&T to refrain from the pursuit of collecting fund from her account.
A new report states that although the number of abandoned foreclosed homes has been decreasing locally, Florida continues to surpass the rest of the country. By the end of the third quarter, the commonly named ‘zombie” homes in Palm Beach County are up to 2,749 which is around 35 perfect down from last year, stated RealtyTrac Firm.
The First District Court of Appeal has thrown out evidence presented in three foreclosure cases due to the lenders’ witnesses being unqualified to testify.