Florida Foreclosure Help in Hollywood, south Florida short sales

Following the example of Chase Bank, Bank of America, the nation’s largest mortgage servicer, is offering Florida homeowners up to $20,000 to short sale their homes in an effort to get them off their books.
This offer from bank of America was sent out via email to select Florida Realtors earlier this week outlining basic details of the plan.
There are some strict conditions, however, regarding eligibility and investor participation.  The  short sales must be submitted for approval to Bank of America before Nov. 30 to qualify. The homes must have no …

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 …

Oct 4, 2010
Household income in south Florida was at its lowest level in eat least three years, according to a U.S. Census report. From 2007 to 2009, the median income dropped by more than ten percent.
South Florida has been worse hit than the rest of the nation which has averaged a drop of 4.1 %.
In Broward County, median household income has dropped from $54,420 in 2007 to $48,844 in 2009.
The poverty rate for families with young children in Broward grew to 12.5 percent. While high, the rate for Florida grew …

South Florida.  Sep 2010
1 in every 97 housing units in Hollywood received a foreclosure filing in August 2010.  That is
9,297 Foreclosure Homes  with an average Foreclosure Sales Price of $134,420.
That’s 1842 new foreclosure filings in August.  The number of new foreclosure cases filed in Hollywood during August was slightly higher than the average for Broward County at 1.03% of households.  This was more than the previous three months.  The number of REOs, bank owned properties is also trending upward, even more markedly.
Sales of single family homes in Broward for August …

The Florida Atty. General is investigating three South Florida law firms over concerns about whether they falsified documents used and foreclosure cases.

There is a danger of another wave of foreclosures hitting South Florida, according to Blomquist from RealtyTrac. RealtyTrac reported that nearly 38,000 Broward homes were in some stage of forelcosure during the first half of 2010.

According to many economists the economy will regain its health and the housing market rebounds. However, the number of homeowners facing foreclosure continues to rise, and the foreclosure crisis is deepening in a number of states, specifically Florida.
51,550 houses entered foreclosure in the month of June, many of which were in the Broward and Miami-Dade counties. The historically high foreclosure rates are due in part to banks working extra hard to remove non-performing loans off their books. If the words, they want the people cannot afford their …

With all 4% of homeowners receiving a foreclosure notice during the first half of 2010, the Miami metro area has the nation’s 10th highest foreclosure rate, according to RealtyTrac.
That Miami metro area, which includes Palm Beach, Broward and Miami-Dade counties, had 94,466 homes in some stage of foreclosure from January to June. That’s an 8% decrease from the previous six months, but up almost 11% during the same time period last year.
RealtyTrac, a research firm based in Irvine, California, studies the nation’s top 200 metro areas. It compiles …