Florida Courts Carry Out Government Foreclosures Program

Posted on June 17th, 2009 in Florida by Johnny

Because legislators in Florida have not passed significant laws to help facilitate the implementation of the Obama administration’s government foreclosures program, judges in several circuit courts in the state have taken the initiative to decongest the courts of foreclosure cases and at the same time help distressed homeowners.

Burton Conner, circuit judge of Treasure Coast, said that he is frustrated that nothing significant is being done to facilitate the federal government foreclosures program to cut down the number of foreclosure cases clogging the courts. Instead, he said, what was done was the reduction of court staff members and cutbacks on court budgets.

To help reduce foreclosure cases, Judge Conner has started requiring mortgage lenders and borrowers to meet and work out affordable payment schemes before lenders make their foreclosure filings. Conner said the effort has led to the settlement of many foreclosure cases and in effect, led to the implementation of the goals of the federal government foreclosures program.

Even with the top ranking of Florida in nationwide charts of foreclosure rates and foreclosure filings month after month and quarter after quarter, state legislators have not crafted a significant legislation that could have helped carry out the federal government foreclosures program.

In May this year, the total number of foreclosure filings across Florida is still more than 50 percent of foreclosure filings in May last year. Eleven percent of all mortgage loans in the state are in foreclosure, based on data from the Mortgage Bankers Association.

But the state legislature whose spring session ended last month approved only two bills related to foreclosure. Of the 15 bills introduced to help carry out the federal government foreclosures program, ten bills never reached the state of discussion, including several bills that proposed mandatory mediation between borrowers and lenders.

The Center for Responsible Lending said that one out of three distressed borrowers can save their homes from foreclosure if they are able to participate in mandatory mediation processes.

Instead, state legislators approved only the bill that would increase court filing fees and the bill aimed at complying with a federal regulation.

In Treasure Coast, where mediation was ordered by Judge Conner, 22 of the foreclosure cases initially processed through mediation were successfully renegotiated.

In Palm Beach, Circuit Court Judge Kathleen Kroll required lenders to revise homeowners’ loans. Amy Borman, court general counsel of Palm Beach County, said that the courts want to help homeowners through mediation and other options under the government foreclosures program.

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More Homes Selling on Florida Foreclosure Listings

Posted on March 27th, 2009 in Florida by Johnny

Pre-foreclosure listings provider Default Research’s data showed that the total count of homeowners who received foreclosure filings in counties of Broward, Palm Beach and Miami-Dade increased by just below one percent in February 2009.

This slight increase in foreclosure filings and foreclosure listings homes sold led Default Research to conclude that Florida foreclosures slowed in February.

The tri-counties posted a total of 7,467 foreclosure notifications last month, an increase of 28 units from the same month in 2008.
Serdar Bankaci, Default Research founder, pointed out that based on real estate indicators, the average home price in Florida continue to drop by almost 40 percent since three years ago.

However, the number of homes in foreclosure listings dropped steadily since December 2008, Bankaci noted.

Broward County posted an annual decline of 28 percent, while Palm Beach and Miami-Dade saw 51 percent and 11 percent increases, respectively.

The following are the total residential South Florida foreclosure listings by cities in each county:

Broward County:

Palm Beach County

Miami-Dade County

  • 2,235 homes in foreclosure listings in Miami
  • 392 homes in Hialeah
  • 119 homes in Miami-Beach
  • 104 homes in Miami Gardens, and
  • 93 homes in North Miami

Data from Florida Association of Realtors showed that there were 78,676 owners of single-family homes and condominiums who filed for foreclosures in South Florida between January to October 2008. For the same period, Palm Beach County saw 24,091 foreclosure filings, 32, 271 in Broward County and 22,314 in Miami-Dade County.

In 2007, South Florida reported foreclosure filings of 33,154, which increased to 75,730 filings in 2008.

Meanwhile, Default Research noted a 35 percent increase in the number of retail and commercial foreclosures in South Florida for the first two months of this year.

Bankaci explained that the recession and decline in consumer spending have forced businesses in the area to close. He added that because of increasing business failures, property owners find it hard to refinance which resulted to the rise in commercial foreclosures.

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Floridians Seek Relief on Foreclosures beyond the Holidays

Posted on December 9th, 2008 in Florida by admin

Troubled homeowners in Florida who are having problems with their mortgages received an early holiday present in the form of a 45-day moratorium on foreclosures for the length of the holiday season. Florida Governor Charlie Crist announced the news after banks and credit unions gave their support for the moratorium.

Governor of Florida - Charlie Crist

This could provide much needed relief for these homeowners struggling to make ends meet in order to pay for their monthly amortizations. The 45-day ceasefire could also give them ample time to discuss a repayment or restructuring plan with their banks and lenders to avoid possible foreclosures.

Governor Crist also announced that a $541 million federal mortgage assistance fund would be given to local governments with programs and plans on how to deal with foreclosures and help beleaguered homeowners. This federal relief fund could give some assistance to troubled residents but it could only be able to help a limited number of homeowners avoid foreclosures.

What the people of Florida are clamoring for right now is a comprehensive plan to deal with foreclosures even beyond the holidays and finally put it to bed. With the state having the third highest foreclosure rate in the country at present, aggravated by steady rise in unemployment cases, the permanent solution to the problem is much needed and should be available to residents at the soonest possible time ? before it is too late.

Various sectors are still clamoring for a longer moratorium period and are urging the legislative body to check the feasibility of a 90-day moratorium on foreclosures. During this lull, a state or an independent mediator should oversee and work with the lender and the homeowner to discuss possibilities for the modification of the loan.

Successful renegotiations could help save thousands of families and keep them in their homes. With mortgages current, it would mean a favorable movement of money for the banks, which could keep them stable and revive the financial market once more.

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Florida Grabs Second Spot for Highest Foreclosures

Posted on October 23rd, 2008 in Arizona, Florida by Johnny

Closely following the state of Nevada in terms of foreclosure rate, Florida is certainly getting pummeled and beaten by the crisis in the housing industry. According to reports released by RealtyTrac, the Sunshine State leapfrogged ahead of California and Arizona based on its month-over-month foreclosure activity, placing it at the #2 spot. Compared to last August, Florida foreclosure listings has increased by 9 percent.

Continue Reading: Florida Grabs Second Spot for Highest Foreclosures

Florida Foreclosure Listings – Going Once, Going Twice, Going Three Times, Gone

Posted on August 11th, 2008 in Florida by Johnny

With home rates in Florida plummeting, thanks to the increasing number of Florida foreclosure listings, people wanting to but their first homes and investors alike, see this as a good time to get good deals on properties. Auctions on properties that have been foreclosed by banks are known to provide the buyers with opportunities to buy at well below the market price; this is mainly because lenders are not very keen on hanging on to the foreclosed properties.

Continue Reading: Florida Foreclosure Listings – Going Once, Going Twice, Going Three Times, Gone