Category: Mortgage Loan Modification

Options for Florida Homeowners with Homes that are "Underwater"

What are your Options if your House is Underwater? More and more Floridians are coming to the unsettling realization that their homes are now worth less than they owe on their mortgage(s). This unfortunate scenario is commonly referred to as your house being "underwater." One of the most common questions that clients ask is "What

Does Florida Have a Culture of Delinquency?

A new report from real estate services provider Zillow found that while Florida is not the worst state for negative equity. In fact, Florida’s borrowers have disproportionately high delinquency rates on their loans. In Miami-Ft. Lauderdale, 43.7% of borrowers are underwater, while 24.9% of them have missed at least three months of payments. In Tampa,

WARNING! You are approved for full principal forgiveness of your Home Equity Account.

A client recently came into my office with a letter she received from Bank of America. It stated that her Home Equity account had been approved for participation in a principal forgiveness program. It was offered as a result of the Department of Justice and State Attorneys General global settlement. The letter about her Home

South Florida Foreclosure Rate Ranked 13th in Nation

South Florida's foreclosure rate ranks 13th out of 212 metropolitan areas so far this year. One in 53 properties in Palm Beach, Broward, and Miami-Dade counties is in some stage of foreclosure. So far this year, the foreclosure rate for South Florida is 46,559 homes in foreclosure; up 24 percent from a year ago. The

Florida Program to Help People in Foreclosure Lacks Measurable Goals

A federal report critical of a foreclosure prevention plan specifically mentions Florida. It says that Florida is failing to set measurable goals for its Hardest Hit program. In fact, Florida was one of 18 states and the District of Columbia that received money from the Hardest Hit Fund; which was first announced in Feb. 2010.

Seniors are Facing Foreclosure at Increasing Rates

For the first time, the nation received evidence through an AARP report of how the real estate crash is affecting its senior citizens. While older homeowners still have lower foreclosure and mortgage delinquency rates than people under the age of 50, they are increasing. AARP’s findings include: Traditionally, homeownership has been a safety net in

Florida Housing Market Continues to Face Uncertainty

The story of the Florida housing market continues to be one of the foreclosures and distressed sales. The expectations are that over one million distressed homes will hit the market over the next year or so. This backlog of distressed homes leads to the expectation that this increase in inventory would cause prices to plunge.

Why didn’t my attorney strip my 2nd mortgage in my Chapter 7 Bankruptcy filed last year?

A woman who had read my article in the Palm Beach Post regarding stripping 2nd mortgage liens in Chapter 7 Bankruptcy recently asked me this question. She states that she saw in my article that "a new case allows the 2nd mortgage to be stripped off with a Chapter 7 Bankruptcy". And, that her bankruptcy

South Florida Bankruptcy Filings Continue to Fall

South Florida bankruptcy filings were down substantially in the 2nd quarter, compared to last year; according to data released by the U.S. Bankruptcy Court for the Southern District of Florida. Personal bankruptcy filings (Chapter 7 & Chapter 13) in Palm Beach, Broward, and Miami-Dade counties totaled 7,194. This is from April through June of 2012;

Florida Grabs a Chunk of Foreclosure Settlement Money for State Budget

Out of $334 million in cash payments sent to Florida in a multibillion-dollar mortgage settlement with major banks, more than $33 million will help strengthen the state's budget. In fact, Florida is one of several states taking a portion of the $2.5 billion in cash payments from banks. And, Florida is using it for programs