Category: Foreclosure

July: A Tough Month With Foreclosures For South Florida

In July, South Florida was among the regions with the highest foreclosure rates in the Country. Moreover, one in every 421 homes had a foreclosure filing throughout Miami-Dade, Broward, and Palm Beach County. The tri-county came in fifth throughout Florida. Palm Bay-Melbourne was among the top with one in every 404 homes in foreclosure, Orlando

Florida Foreclosures Go Up In Over A Year

The number of foreclosures in Florida is increasing. Brand new foreclosure filings have gone up 24 percent in comparison to the beginning of the year. This increase is the first annual one since the beginning of 2013. And, the belief is that this is part of the foreseen tsunami of homes that will be taken

Second Wave of Foreclosure Hits South Florida

Many residents in South Florida are confronting a new second wave of foreclosures and their consequences. Banks are attempting to secure unpaid mortgage debts from foreclosed homes that were lost years ago. Beginning June 1st Dyck O’neal filed nearly 110 alleged deficiency judgments; it is a Texas-based collection company, in Palm Beach County, 200 in

New Law Increases Foreclosures in Palm Beach County

July 2014 marks the one-year anniversary of Florida's "Fair Foreclosure Act". The Florida Legislature passed this law requiring, among other things, the plaintiff to confirm in their foreclosure complaint that they are in possession of all the necessary documents to support their case against the defendant. The law also referred to as the "Speedy Foreclosure

Bank of America’s $17 Billion Settlement.

Officials intimately close to the case have stated that Bank of America has come to a record-breaking $17 Billion settlement. The purpose is to conclude the investigation in the role of selling the mortgage-backed securities; prior to the 2008 financial fiasco. Furthermore, an official, who requested to stay anonymous, stated that Bank of America will

Florida Foreclosures Still High But in Decline

For Florida, it may be a turning point in the foreclosure rate and crisis. When compared year to year, the foreclosure rate in Florida is down nearly 37%. This makes it the lowest it has been since 2008. That equates to fewer than 4 million people who are not current on their mortgage. In Florida,

Using the Bankruptcy Cram Down to Save Investment Property

Many clients come into my office seeking assistance with modifying their investment property mortgages. The first question I usually get is "will the bank reduce my principal down to what the property is worth?"The answer is that offering meaningful principal forgiveness is very rare in conventional "HAMP" or "Proprietary" modifications. Unfortunately, this results in investment

FHA Mortgage Applicants with Recent Foreclosures Offered a Pass

The Federal Housing Administration (FHA) has instituted a new program. Its name is "Back-To-Work-Extenuating Circumstances" to assist potential borrowers who faced financial hardship during the recession. This program, which began August 15th, 2013 provides a second chance for mortgage applicants. For those who have experienced financial hardship such as unemployment. Or, a severe reduction in

New Foreclosure Cases Down from May 2012

According to the Clerk & Comptroller’s office, new foreclosure filings in Palm Beach County have dropped. This when compared with June 2012 and May 2013. Last June Palm Beach County had 1,249 new foreclosure filings. Meanwhile, this June saw only 1,001 new filings, a 19.9 percent decrease. New filings also decreased 6.2 percent in June

Florida Remains a Leader in Nationwide Foreclosure Statistics

Nationwide Foreclosure Statistics are alarming for Florida. Florida remains tops in the nation for the highest percentage of distressed homes. And, the number of completed foreclosures, a new report has found. The state's foreclosure inventory (properties in some stage of foreclosure) stood at 8.6% of all mortgaged homes in June, real estate data provider CoreLogic