Loan Modification Blog » Florida Foreclosure

U.S. Foreclosures nears the 4 Million Mark

admin — Sat, 12 Dec 2009 09:54:27 +0000

According to RealtyTrac, the U.S. is now reaching the 4 million mark in foreclosure with currently 3.9 million foreclosure notices all ready in motion. That is a whole lot of families/people looking at possibly having to relocate or even become homeless. With the unemployment rate, things are not looking any better either. Overall, this doesn’t fair well with lenders either. The cost to even set a foreclosure in action, little lone follow through is quite high and more lenders are losing out greatly by initiating foreclosures than they are saving their skin. Lenders fair better by negotiating a loan modification with borrowers than they do foreclosures. 1st Foreclosure Prevention can do that for homeowners facing foreclosure. Currently there are four states that are account for more than 50% of the foreclosures in the United States – California, Florida, Illinois, and Michigan. If you live in one of these states, or anywhere in the U.S. and are looking at facing foreclosure or have already been served with foreclosure notice, contact us and let us help you keep your home out of the statistics.

To read more current facts regarding foreclosure and the U.S. foreclosure rate nearing the 4 million mark, read the article attached below.

South Florida Foreclosures Up 15% In November

admin — Sat, 12 Dec 2009 09:37:42 +0000

Expert from an article Business Insider: http://www.businessinsider.com

“To repossess a South Florida residence, a lender must undertake a lengthy and costly legal process that can take up to a year.

Lenders normally plan for a six month to nine month process that will cost between $40,000 and $80,000 per property. In addition to that, many lenders do not even file the initial foreclosure paperwork – known as a Lis Pendens or a Notice of Default – until a borrower is at least 90 days late on regularly scheduled mortgage payments.

Once a lender finally does repossess a property, the bank inherits the responsibility of settling up outstanding liens on the property that live on after the foreclosure, such as property taxes, past-due condo association maintenance fees, and open permits.”

Logistically, it only makes good financial sense for a lender to work a loan modification with a borrower to prevent foreclosure and prevent financial loss on their end. 1st Foreclosure Prevention can work with your lender to come up with a resolution for you. With our expert loss mitigation specialist, we can help you save your Florida home from foreclosure.

You can read this article in its entirety below.

Florida Foreclosure

admin — Wed, 05 Aug 2009 07:18:23 +0000

If you live in the state of Florida and face foreclosure, you need to know the basics of the foreclosure laws of your state. In Florida, there is only judicial foreclosure and is totally controlled by the courts. The lender must petition the court in order to obtain a order to foreclose in order to sue the borrower. The court then will define how the foreclosure will take place. This may or may not include disclosure by newsprint as well as how the notification process to the bower and lien holders will be notified. If any part of the foreclosure process ordered by the courts is not followed, the borrower may have reason to dispute.

The sale of the property ends any right of redemption however there is generally a 10 day span where the court reviews the sale to make sure affair price was paid on the property that is still a viable window for the borrower in right of redemption. In a rare occasion the court may extend the time for redemption. The lender also has the right to sue the borrower for deficiency after the sale.

If you live in Florida and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home.