Florida Foreclosure Help in Hollywood, south Florida short sales

If you’re new here, you may want to subscribe to my RSS feed. Thanks for visiting!Noelle Nikpour
November 27, 2011
In the wake of the recent real-estate meltdown, the borrower of a nonperforming loan called his lender with promising news: “I have a buyer looking to make an all-cash offer for my Florida property. Will you meet with us tomorrow?” The lender’s answer: “No.”
Disturbingly, this implausible response is not uncharacteristic of lenders who exploit FDIC loss-share agreements by seeking to foreclose on nonperforming loans, even when prudent business judgment calls for short sale …

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 …

Nate Towne is well aware of today’s unforgiving real estate market trends. At least he now has an unbiased opinion of the value of the Madison, WI house he is trying to sell. The house went on the market ‘by owner’ for $250,000; when Towne relocated and had to list with an agent, the price rose to $259,000.
Towne was one of four winners in ForSaleByOwner.com’s “Is Your House Priced Right?” contest, which invited homeowners around the country to submit short essays explaining what they thought their houses were worth, and …

Foreclosure Rate Continues to Decline
Foreclosure activity has fallen to its lowest level in over three-and-a-half years, according to RealtyTrac.
The number of foreclosure filings in July was 35% down on the same month last year.  212,764 properties received either a default notice, auction notice or was repossessed by the lender.
This means that for 10 months in a row foreclosure filings have been coming down.  Still, this is one out of every 611 housing units- just in that one month.
“It appears that the foreclosure processing delays, combined with the smorgasbord of national …

In their desperation to get non-performing loans off their books, banks like Chase and GMAC are offering incentives to homeowners to do a short sale.
“Cash for Keys” is where the banks, like Chase, will pay the homeowner $3,000 has been around for awhile for deed-in-lieus but now the banks are encouraging more and more homeowners to do a short sale and offering a financial incentive!
The banks have too much inventory and too many more properties still coming into foreclosure over the next 4 years, so they are looking at other …

According to Reuters, many major mortgage lenders are are still taking short cuts in the paperwork they prepare and file in foreclosure cases!
When this problem surfaced last year, it led to a moratorium on foreclosures and the major foreclosure mill in south Florida dissolved as the banks were forced to stop using it.  It is hard to believe that banks are resorting to the same tactics again.
According to Reuters, there are at least six people who have each signed thousands of mortgage assignments in recent months.  Their job is to …

Sales of previously owned single family homes in Broward County are up in June, while condo sales were down slightly. 
Summer is typically a busier time for single family homes as families want to move in before the new school year begins.
Unfortunately, the increase in home sales is unlikely to continue.  High unemployment, stricter lending rules and continued delays in processing foreclosures are preventing any recovery in the short term.

02/25/2011
By Edward McCray
Short sales from the Home Affordable Foreclosure Alternatives Program have mostly been pursued by homeowners who were in an underwater situation or who may have been unsuccessful at finding a foreclosure prevention program through modification efforts, but could find a buyer for their home even if an underwater mortgage situation was present. Typically, homeowners have sought out short sales when negative equity was the problem, but there are some indications that more servicers may attempt to get homeowners to agree to a short sale in the coming year …

Brian J. O’ Connor / Detroit News Finance Editor
A grim echo of the housing bust is building for Michigan homeowners who’ve lost their homes to foreclosure or sold them in short sales. Without even knowing it, they could end up owing tens of thousands of dollars in mounting debts under a previously unenforced provision of the state’s foreclosure law.
Until a few years ago, when someone lost a home to foreclosure in Michigan, the owner walked away embarrassed and financially battered, but owing nothing more on the property.
Now, because of dropping …

The median sales price for homes in Hollywood FL for Oct 10 to Dec 10 was $121,000. This represents an increase of 5.2%, or $6,000, compared to the prior quarter and a decrease of 6.9% compared to the prior year.
Home Sales prices have depreciated 56% over the last 5 years in Hollywood.
The average listing price for Hollywood homes for sale on Trulia was $271,812 for the week ending Jan 12, which represents a decline of 0.7%, or $1,818, compared to the prior week and a decline …