Short Sale Misconceptions in Florida

A short sale allows a homeowner to sell a home where more is owed than what it is worth. Unfortunately, many short sale misconceptions have developed.  It is important to clarify these misconceptions. Misconception #1 - Banks would rather foreclose than work with a short sale. The reality is that the foreclosure process in Florida can be extremely costly for banks.  Banks would rather work with homeowners who are experiencing financial ...
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Foreclosure Lawsuits by Lender Now Employ an Order to Show Cause

Florida Statute 702.10 was enacted to allow foreclosure Lenders a procedure by which they may attempt to expedite the foreclosure process when they serve the homeowner with a foreclosure lawsuit.  Following the procedure of Florida Statute 702.10, once the Lender serves you with a foreclosure lawsuit, the Lender must file a motion for an Order to Show Cause and then the Court will enter an Order requiring the homeowner to appear in court and ...
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FHFA New Streamlined Modification Program

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1 2013, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage ...
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Foreclosure Situation is Not Getting any Better

Although the housing market is showing signs of recovery, other indicators show the foreclosure crisis is getting worse. In a September interview with U.S. News, Austan Goolsbee, the former chairman of the Council of Economic Advisers, said, "I think there's a lot wrong in the housing market. If Fannie and Freddie would start enabling people to rent out the vacant homes, that would also help." Some interesting foreclosure facts: 1. The mortgage ...
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SHORT SALES IN FLORIDA

Short sales in Florida occur when a homeowner who can no longer afford to pay for their mortgage may avoid foreclosure and get out of the debt with minimal financial damage by he selling the property for less than the mortgage amount. Since the lender must accept less than what they are owed in order for a short sale to be approved, it is the lender’s decision whether or not to accept the short sale offer proposed by the homeowner. But, there ...
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New Home Affordable Modification Program (HAMP) Guidelines and Qualification

These last few years have had many homeowners default on their mortgage. If you are one of them, you should look into the various options you may have available to you to resolve this matter. If you are employed with income coming in monthly indefinitely you may be eligible for a Home Affordable Modification Program (HAMP). If you are eligible for HAMP you may receive lower mortgage payments which can help you afford your loan in order to be able ...
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What can you expect after filing bankruptcy?

So, you cannot pay your mortgage anymore, you have maxed out all your credit cards and you are receiving non- stop phone calls from creditors. What do you do? Filing for bankruptcy could put an end to all of that. Are you concerned that you will never have credit again? Many people are. Many people are concerned with filing bankruptcy because they believe they will never have credit again and it will negatively impact their future, however that ...
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ROBOSIGNERS! the What’s of the mortgage industry

The following article discusses what to look for when trying to determine if an assignment or affidavit is fraudulent. Strongly question the truthfulness and integrity of any assignment or affidavit signed by any of the Robosigners identified above. The following is a list of criteria's to look for when trying to determine whether the assignment or affidavit is fraudulent. 1.The document was notarized in Dakota County, Minnesota, or in ...
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FORECLOSURE FRAUD AND THE $25 BILLION NATIONAL MORTGAGE SETTLEMENT

The record $25 Billion Dollar National Mortgage Settlement Agreement signed earlier this year involved 5 big lenders. According to recent reports, the Federal Reserve is now adding another 8 to the list. According to officials 8 firms will be faced with fines and penalties due to flaws and irregularities. They include the following: -SunTrust Bank -HSBC -EverBank -MetLife -Goldman Sachs -OneWest -US BankCorp - PNC Financial Services The ...
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Why Florida’s Foreclosure Machine Is Slowing Down

The State of Florida has the third highest foreclosure rate in the United States after Nevada and Arizona. Florida's legislature appropriated $9.6 million this year to hire semi-retired judges and case managers to preside and assist in foreclosure hearings such as those in Tampa. The idea is to avoid “Rocket Docket” type jurisprudence. The goal is to clear 62 percent of the backlog by next July. These facts are per a spokesmen for the Florida ...
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