Florida Mortgage Lender Blog & Real Estate News

Florida Underwater Mortgages - 1.29 Million with Negative Equity
March 6th, 2009 10:39 PM

 Florida Negative Equity Homeowners - Florida 1,289,000 Mortgages Underwater

Florida Negative Mortgages image

A Florida Short Sale - Could be a Solution if Underwater

Posted by Real Estate - Associates on March 6th, 2009 10:39 PMPost a Comment (0)

Foreclosure Filings Up - Homeowners Need Loan Modification & Short Sale Solutions
March 27th, 2009 9:04 PM

No end in sight for foreclosure filings in Orlando, Florida, nation

Despite government efforts to slow the rate of new foreclosures, the number of homes in some stage of repossession in Metro Orlando, Florida and the nation continued to rise last month.

The four-county Metro Orlando area had 7,690 homes with a foreclosure filing, notice of foreclosure sale or repossession by a lender — more than twice as many as in February 2008, according to a report released today by RealtyTrac Inc.

Statewide, 46,391 homes were at some point in the foreclosure process during the month, up 43 percent. Florida had the nation's fourth-highest rate of foreclosures per housing unit, trailing only Nevada, Arizona and California.

Nationally, 290,631 properties had a default notice, auction-sale notice or bank repossession in February, up 30 percent from a year ago.  complete story

Source: Orlando Sentinel - Jerry W. Jackson

Stop Foreclosure & Save Your Credit

Orlando Short Sale - Loan Modification image

Posted by Real Estate - Associates on March 27th, 2009 9:04 PMPost a Comment (0)

Underwater on your Mortage Loan - With 1 in 5 Homeowners Underwater
March 27th, 2009 8:39 PM

With 1 in 5 homeowners underwater, many pundits predict a flood of people walking away from their homes. Five readers talked to us about why they are - and are not - sticking around.

Fewer walking away than you think
 
Almost 20% of homeowners - or 8.3 million people - are "underwater" on their mortgages, owing more than their properties are worth. Another 2.2 million are near that drowning point, known as "negative amortization."

A basic cost-benefit analysis predicts that these people will abandon their homes and accept foreclosure. But there is little data measuring whether that logic holds true. In fact, Eric Johnson, a business professor at Columbia University, believes it doesn't. After years of studying behavioral economics - essentially the economics of choice - he argues that people will simply not make such rational decisions. complete story
 
Source: CNNMoney .com - Les Christie 

Stop Foreclosure & Save Your Credit

Orlando Short Sale - Loan Modification image

 
Posted by Real Estate - Associates on March 27th, 2009 8:39 PMPost a Comment (0)

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March 14th, 2009 5:39 PM
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Posted by Real Estate - Associates on March 14th, 2009 5:39 PMPost a Comment (1)

Americans Struggle to Pay Mortgage bills - Record Level Delinquency
March 6th, 2009 9:50 AM

Delinquent Mortgages Hit Record Level

More Americans struggled to pay their mortgage bills in the fourth quarter of 2008. A record 5.4 million U.S. homeowners with a mortgage, or nearly 12%, were either behind on payments or in foreclosure at the end of last year, according to an industry survey.

The Mortgage Bankers Association said Thursday the percentage of loans at least a month overdue or in foreclosure was up from 10% in the July-September quarter and up from about 8% a year earlier.

The sharpest increases in loans 90-days past due were in Louisiana, New York, Georgia, Texas and Mississippi, reflecting a spreading recession and massive job losses nationwide.

The report also showed the delinquency rates for fixed-rate mortgages climbed in the fourth quarter, another sign that layoffs are taking a toll on homeowners.

The percentage of loans at least 30 days past due rose to a record 7.88%, up from 6.99% in the third quarter and 5.82% a year earlier -- the biggest quarterly jump for delinquencies since the survey began in 1972. complete story

Source: Wall Street Journal - Amy Hoak 

Posted by Real Estate - Associates on March 6th, 2009 9:50 AMPost a Comment (0)
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