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 …

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 …

What effect are short sales and foreclosures going to have on house prices going into 2011?
Currently, prices are still sliding, despite the lowest mortgage rates in almost 60 years and prices that are back to 2003 levels – at least in south Florida.
Nationally, 23 percent of mortgage borrowers are under water, that is they owe more than their house is worth.  In south Florida, that figure is even higher 30 to 40 percent depending on the report.  No wonder so many people are doing short sales or letting their home …

Due to the issues surrounding the handling of foreclosures by some banks, many home buyers are keeping away from distressed properties. Do you blame them? Who wants to buy a property that could be the subject of future lawsuits?
According to a report from http://realestate.bryanellis.com , 14 percent of home buyers and 6 percent of real estate investors refused to even view REOs (foreclosed properties) during October.
When it comes to short sales, another category of distressed properties, it is naturally hard to find buyers as the process can be long and drawn …

It is staggering to think that the foreclosures in Hollywood have been continuing at such a high rate for three long years and could continue for several more, still. Some numbers to consider:
Lenders reclaimed 102,134 homes nationwide in September.
In Miami-Dade County only there were 2,082 reposessions in September – nearly three times as many as a year earlier.
Currently, there are more than 150,000 foreclosure cases pending in south Florida.
Broward and Miam-Dade Counties have each been averaging about 3500 new foreclosure filings every month since mid-2007. During 2009 it was more like …

Sep 27, 2010
If you‘ve been keeping up with the news, you’ll have heard that more and more banks are in trouble. This should be no real surprise – it was the big banks that got the bail out money. 279 banks have collapsed in the two years since Washington Mutual went under. Gerard Cassidy of RBC Capital markets was quoted by The Sun-Sentinel as saying that the impact has been “far more severe” than the savings-and loan crisis.
Nearly three-quarters of Florida banks lost money last year. Their combined losses totaled …