I’ve received a late payment notice from my bank, but I am on time with my mortgage payments. Can they legally foreclose on my home?
To foreclose on a property under existing Florida law, a lending institution must show not only a borrower’s default, but that the foreclosure is warranted under Florida’s laws of equity. If your lending institution cannot do this, they cannot foreclose on your mortgage.
Lending agents will typically not start foreclosure proceedings until you, as a borrower, have gone 3 months without making a mortgage payment, and have therefore defaulted. The 3-month rule, however, is not hard and fast and will depend on the lender.
Florida Supreme Court Adopts Foreclosure Mediation Rules
Florida Supreme Court Adopts Foreclosure Mediation Rules
From : the Associated Press, Feb 11, 2010
Lenders will be required to pick up the tab for investigating and verifying ownership before foreclosing Florida home mortgages under new mediation rules.
The Florida Supreme Court adopted the rules Thursday in an effort to help the state’s judicial system better cope with a flood of such cases.
Florida Supreme Courts adopts ruling to force lenders into mediation in effort to reduce future foreclosures
Shocking statistic: 20% of all U.S. Homeowners are Underwater
Shocking statistic: 20% of all U.S. Homeowners are Underwater
Information was released today which shows that nearly 1/5th of all homeowners in the United States actually owe more on their home than the house is currently worth in re-sale value. This according to Zillow.com
Renewed HOPE for Homeowners
Renewed HOPE for Homeowners
Congress passed a bill amending HOPE for Homeowners that may make the program more useful.
NEW YORK (CNNMoney.com) — One of the biggest disappointments of the foreclosure prevention fight has been HOPE for Homeowners, a plan Congress passed in an attempt to help as many as 400,000 underwater, delinquent borrowers from going into foreclosure.
In its first five months, HOPE for Homeowners helped one family stay in its home.
Congress and the Obama administration are hoping to do a lot better than that.
No bankruptcy help for homeowners
No bankruptcy help for homeowners
Measure to modify delinquent loans in bankruptcy court fails in Senate. Obama administration loses big stick to prod loan servicers to aid troubled borrowers.
NEW YORK (CNNMoney.com) — The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.
The defeat left many housing advocates questioning the effectiveness of the president’s loan modification plan. The so-called cramdown provision, which would have allowed judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
US foreclosures up 24 percent in 1st quarter
US foreclosures up 24 percent in 1st quarter
Foreclosures up 24 percent in first quarter as temporary halts expire
- Thursday April 16, 2009, 6:20 am EDT
WASHINGTON (AP) — The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.