Foreclosure Help | Plantation Florida

$25 billion in Foreclosure Payouts seems like it will really help homeowners, but will it ?
750,000 people who have already lost their homes  will get the magnificent sum of $1800 to  $2,000 each.  Too little, too late is a huge understatement.
A principal reduction of around $20,000 is expected to go to another one million homeowners who are underwater.   How many homeowners in south Florida are only underwater by such a small amount?
If you are  facing foreclosure will that help you?   A very small percentage of homeowners is going …

Reuters
7:10 p.m. EDT, September 8, 2011
WASHINGTON (Reuters) – The White House is seeking
to broaden U.S. homeowners’ access to mortgage refinancing in a
plan aimed at reducing home foreclosures and help the ailing
housing market.
President Barack Obama was poised to mention the effort in
his speech to Congress Thursday unveiling a $447 billion
jobs package, senior U.S. officials told reporters.
“We’re trying to do every single thing we can on housing,”
one U.S. official said, adding the administration was “working
around the clock” on the refinancing initiative.
“We’re hopeful that over the next … several weeks that we
will have …

by Kim Miller
The U.S. Department of Housing and Urban Development is dedicating $10 million nationally, including $463,462 for Florida, to help residents avoid foreclosure with legitimate loan modification assistance and housing counseling.

The money will be doled out to regional and local counseling agencies. Florida received the most money from the local allocation, with California earning the second highest amount at $367,433.
“The funding announced today is specifically earmarked to provide counseling assistance relating to mortgage modification, avoiding potential mortgage scams, and assisting victims of scams,” said HUD Secretary Shaun Donovan. “It …

Banks Took Back More Homes in Palm Beach County
1,113 homes were taken back by lenders in Palm Beach County in May. This was 56% higher than in April and 38% higher than at the same time in 2010.
Why this increase? Judges don’t want to cancel foreclosure sales because there is such a backlog of foreclosure cases, according to a recent report in the Sun-Sentinel.
In Broward County, lenders took back 733 homes during the same period.
So what are the trends in foreclosure filings? Palm Beach County’s foreclosure filings went …

By PAMELA YIP / The Dallas Morning News pyip@dallasnews.com
Published 19 November 2010 10:41 AM
If you’ve been through a foreclosure, you may wonder if there is hope for you to become a homeowner again.
Yes, but it will take awhile.
“It doesn’t mean you’ll never be a homeowner again,” said Linda Davis-Demas, director of housing at Consumer Credit Counseling Service of Greater Dallas.
But you’ll need to examine what caused you to fall behind on your mortgage and take steps to fix the problem.
“You have to look at what were the reasons you didn’t …

The Foreclosure Crisis might finally reach its peak this year, after 4 years of continuous foreclosures.
In 2010 a record 2.87 million properties received “Notices of Default” Auction or Possession notices.  More than one million homes were taken back by the banks.
Since the boom ended in 2006, about three million homes have been foreclosed by the banks.  There could be another three million foreclosures by 2013, by which time the market may have finally absorbed most of the distressed properties.
Realty Trac estimates that there are still …

Where are house prices going in 2011?
House prices in most parts of the country, including south Florida are still weak.  Miami prices are down 3.4 percent from a year ago.  Some figures show Broward county up, but we are know that there are “lies, damned lies and statistics”.  You need to look at individual properties and I don’t see prices up.
The huge shadow inventory of unsold properties that the bank has has yet to go on the market.  Foreclosures will be back in full force.  Unemployment has changed little.
With house …

One quick comment on this issue -  think about where you want to be in two or three years time.
The longer you hold on to a property the less it will probably be worth.  A new report out by Core Logic tells us that there is a shadow inventory of distressed properties of 4.2 million homes yet to come on the market.   Distressed properties drive down the property values. Prices in Florida could drop another 10 percent – believe it or not.
Why not sell now if you need to do …

Foreclosure law Firm of David Stern is in crisis as a result of a state investigation into its processing of foreclosure documents which has led to a loss of major clients such as Fannie Mae and Freddie Mac. It has had to cut its staff of 800 down to about 400.
The Miami Herald has documented the hits the foreclosure firm has taken:
August 20 – Attorney General began an investigation of “improper documentation”
Late September: Bank of America, GMAC, JP Morgan Chase and others put their foreclosures on ice in order to …

Half the local governments in Broward County are raising their taxes and half are staying the same as last year. According to The Sun-Sentinel, 31 out of 38 cities will be collecting less tax revenue due to continued declines in property prices. This is the third year in a row that cities have faced declines in property tax revenue.
For Plantation, this is $611,943 less than 2010.
The city is cutting expenses and salaries and wages and deferring capital items. The tax revenue has decreased $23.3% from 2008. They must be paid …