GSEs to relax policy on REO sales to former owners (11/26/2014)
Change by Fannie, Freddie effectively extends the fair-market value policy available to other purchasers to the 121K properties in their current REO inventory.
Feds release new consumer foreclosure rules (11/21/2014)
The CFPB proposed new measures to ensure mortgage servicers treat struggling homeowners fairly, including more than one opportunity for foreclosure help.
RealtyTrac: Home flipping at lowest level since ‘09 (11/20/2014)
About 4% of U.S. home sales were flips (bought and resold within 12 months) in the third quarter, with Miami and Tampa ranking in the top five.
The risk of aiding credit-challenged clients (11/20/2014)
Buyers with poor credit or recent foreclosure often turn to their agent for advice. If so, direct them to a reputable source that can actually provide help.
Can bankrupt homeowners void their second mortgage? (11/17/2014)
U.S. Supreme Court will hear an appeal from Bank of America. The lender claims underwater Fla. owners shouldn’t be able to “strip off” any second-mortgage debt.
Fla. drops to No. 2 U.S. foreclosure state in Oct. (11/13/2014)
Maryland was No. 1 as Fla. foreclosures dropped 2% month-to-month and 25% year-to-year. Miami led U.S. metro areas, but some areas noticeably improved.
Fla. still home to the most zombie foreclosures (10/30/2014)
While Fla. had almost 36,000 vacant (aka zombie) 3Q properties, things are improving: The number dropped 26% since the second quarter and 34% year-to-year.
Mortgage giant says ‘sorry’ to homeowners (10/29/2014)
Ocwen Financial posted a letter of apology to homeowners after accusations that it backdated borrowers’ letters about their loan modifications or foreclosures.
Fla. cities have more short sales, public auctions (10/28/2014)
RealtyTrac: 8 of 9 top U.S. short-sale cities are in Fla., and metros landed all 5 top spots for public foreclosure auctions – but none rank high for REO sales.
28% of Fla.’s mortgaged homes still underwater (10/23/2014)
The state ranked second nationally behind Nevada, but Fla. cities took 4 of 5 top spots in RealtyTrac’s list of metro areas with “seriously underwater” homes.
Foreclosure niche is a vanishing business (10/20/2014)
A number of real estate agents became foreclosure experts during the recession, but a drop in supply may push many to seek out a new market niche.
Debt collectors can call years after a foreclosure (10/15/2014)
More lenders are pushing “deficiency judgments” – an attempt to collect the amount of mortgage debt that was forgiven as part of a short sale or foreclosure.
RealtyTrac: Fla. leads in 3Q foreclosures (10/15/2014)
Fla.’s foreclosure rate dropped a bit – 4% quarter-to-quarter and 17% year-to-year – but it’s still No. 1. And of the top 10 U.S. foreclosure cities, 8 are in Fla.
Millennials current on mortgage more than other ages (10/6/2014)
TransUnion mortgage report: Mortgage borrowers younger than 30 have the lowest mortgage delinquency rate, but they make up only 4.16% of all borrowers.
U.S. says Flagstar Bank failed to help homeowners (9/30/2014)
Fed consumer bureau says Flagstar will pay $37.5M, alleging the bank took too long to process foreclosure relief, and delayed modifications and final payments.
Fla. No. 1 in Aug. for short sales and foreclosures (9/25/2014)
The state ranked No. 8, however, for U.S. REO sales, says RealtyTrac report. Overall, one in four Aug. sales in Fla. was a REO, foreclosure or short sale.
Fannie: Minimum wait times shorter after foreclosure (9/11/2014)
Fannie Mae nixed loan-to-value (LTV) requirements. All applications will soon have a four-year waiting period – two years with extenuating circumstances.
RealtyTrac: U.S. foreclosure activity up 2% in July (8/14/2014)
But in a year-to-year comparison, foreclosure activity is down 16%. Fla. still ranks first nationally for foreclosures, but they’re down 30% year-to-year.
REO inventories shrinking for Fannie, Freddie (8/12/2014)
In the past four years, Fannie’s REO inventory declined 58% compared to 3Q 2010; Freddie’s inventory is down 48%.
Fears fading over looming home equity resets (8/11/2014)
The old fear: Many recession-era, interest-only home equity loans will reset, leading to new foreclosures: The new thought: The risk isn’t as bad as feared.
Foreclosure inventory down 35% but celebration muted (8/4/2014)
U.S. foreclosure inventory plunged, but it’s not yet time to break out champagne. Housing experts aren’t quite ready yet to declare the foreclosure crisis over.
U.S. files lawsuits against foreclosure relief firms (7/24/2014)
Three firms, including one in Fla., allegedly offered to help distressed homeowners but instead used “deceptive marketing tactics to rip off” consumers.
Fewer underwater homes regain equity in 2Q (7/24/2014)
RealtyTrac: 17% of homeowners were “seriously underwater.” It’s a marginal drop over the previous quarter but down from 26% in 2Q 2013.
June foreclosures down 2% – lowest since July 2006 (7/17/2014)
RealtyTrac: June a “milestone” as foreclosure numbers drop to “levels not seen since before the housing price bubble burst in August 2006.” But Fla. still No. 1.
CoreLogic reports 47,000 completed foreclosures in May (7/8/2014)
It’s down 9.4% from year ago. Fla. had highest number (122K) of completed foreclosures for year ending in May; also 2nd highest in foreclosure inventory at 5.2%.
26K Floridians to get Ocwen foreclosure rebate (6/30/2014)
A.G. Bondi says claim forms for part of $125M will be sent to Fla.’s Ocwen borrowers who lost a home to foreclosure between Jan. 1, 2009, and Dec. 31, 2012.
Fla. is home to 1/3 of U.S. zombie foreclosures (6/26/2014)
The state has a high percentage of the nation’s empty homes. Its zombie homes – ones in foreclosure but not yet taken – sit on the market an average 411 days.
SunTrust settlement to benefit Floridians (6/18/2014)
Foreclosure settlement requires SunTrust to modify loans for some borrowers – including principal reduction and/or refinancing – as a result of alleged abuses.
Limits on foreclosure sales stir a debate (6/18/2014)
Why can’t an owner buy his own home – for less money and a smaller mortgage – at a foreclosure sale? Many agree that the rules should at least be softened.
RealtyTrac: U.S. foreclosure activity decreases 5% in May (6/10/2014)
Fla.’s foreclosure activity down 30% year-over-year, for 10th month in row, but had highest state foreclosure rate in U.S. – same as for past 8 months.
Foreclosures drop to lowest level since 2007 (6/2/2014)
CoreLogic: Between 2000-2006, the U.S. had about 21,000 foreclosure sales per year; in April it was 46,000 yearly. Fla. No. 2 for foreclosure inventory: 5.4%