Foreclosure Help | Miramar 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 …

Four years into the housing crisis and there are still 2.1 million homes in foreclosure!
The courts are so backlogged and their pace so slow that it will take many more years for all these homes to work their way through the system and return the market to some sort of normalcy.
This is testament to the Obama government’s attempt to fix the crisis by bailing out the banks and promising people that the government was going to help them with a loan modification, and giving people a sense of entitlement to …

By Kimberly Miller
Palm Beach Post Staff Writer
Updated: 10:58 a.m. Saturday, Sept. 10, 2011
Posted: 9:28 p.m. Friday, Sept. 9, 2011
Recognizing the shortcomings in his once-heralded refinance program for struggling homeowners, President Obama asked Thursday for a revamp of the 2009 plan that has helped fewer than 840,000 borrowers nationwide.
The Home Affordable Refinance Program, or HARP, was created to encourage more homeowners to take advantage of record-low interest rates by allowing borrowers to refinance even if they owe up to 25 percent more on their loan than their home is worth.
Interest rates have continued to drop since the plan’s debut, with Thursday’s …

NEW YORK (CNNMoney) – If the Obama administration really wants to save the housing market, it should speed up the foreclosure process — not prolong the inevitable, experts say.
Four years into the housing crisis, the real estate market is still teetering on the edge. The Obama administration has tried one program after another to stem the tide of foreclosures with limited success. And it is continuing to look for ways “to ease the burden on struggling homeowners,” though no new initiative is imminent, the White House said this week.
But some …

Foreclosures in Miramar, August 2010
In Miramar, there were 37,384 Foreclosure Homes in August with the average sales price being $121,386. The number of foreclosure homes that were sold in Miramar in August, whether in default, at auction or REOs was 1,236.
For August, 41% of properties that were in some stage of the foreclosure process were in default, 35% were set for auction and 24% had been taken back by the banks. 9,047 were two bedroom properties, a little over 6,000 properties were 3 bedroom. The biggest group of foreclosure properties …

According to today’s Miami Herald, there is an unprecedented surge of houses for sale in South Florida. In other words, there is an increase of the supply side, when at the same time there is less of a demand due to the surplus, not to mention the inability of buyers to obtain financing .
Some explanations to this trend is the end of the first  home buyer’s credit, clearly shown by the decrease in pending sales since the last day to be in contract which was April 30th.
What is making matters …

According to The Sun Sentinel on 8/11/10,  Home Owner Associations are fighting back more aggressively against foreclosures and are taking units back through a process called “reverse foreclosure”.
Basically the association forecloses on the property and during the process petitions the court to assign a certificate of title to the bank. This triggers the payment of past due fees of up to one year’s worth.
Another bill that came into effect on July 1, authorizes the bank to demand payment from the tenant. Should they fail to pay,  the tenant is evicted …

While a deed-in-lieu of foreclosure might sound a simple solution to homeowners facing foreclosure, this really provides them with little benefit.
The lender wins hugely. They get the property back quickly and cheaply and do not have to worry about legal fees or fighting a foreclosure defense.
So why is this happening?  Despite the size and the length of the foreclosure crisis, there is still a dearth of accurate and useful information to help those facing foreclosure.  At least, it is not getting to those who need it.
Homeowners are not sure where …