News of Foreclosures, Foreclosure Properties Information and How to Find Distressed Properties for Sale
A Florida task force reviewing the foreclosure process concluded that the growing REO property listing in the state is due to homeowners’ lack of understanding of the foreclosure proceeding.
In May, the number of foreclosure notices filed in Florida dropped from the April total, but the state is still second among all states in number of filings including foreclosed property units, according to a foreclosure report released this week by California-based real estate research service RealtyTrac.
The continued rise in foreclosed properties in Florida clouded the speech of Governor Charlie Crist last week at the signing of Florida’s budget of $66.5 billion.
Despite the inability of lenders and volunteer lawyers to come out with solutions to some problems presented, the summit held by Florida Chief Financial Officer Alex Sink to reduce foreclosure properties across the state resulted in a major achievement: the lenders agreed to appoint a person to negotiate with troubled homeowners under the Florida Attorneys Saving Homes initiative. The lenders also agreed to appoint an individual who can bargain with the volunteer lawyers.
The foreclosure properties crisis unleashed its force in Southwest Florida, making the area a wasteland of foreclosures in 2008.
Florida foreclosures in January 2009 reached 10,007 while pre-foreclosure filings were made on 43,070 distressed properties.
Roy Oppenheim, a residential foreclosure attorney and a partner at Oppenheim Pilelsky, is exposing a defect in Florida foreclosures proceeding by demanding that banks and lenders show proof of true mortgage ownership.
The Federal Neighborhood Stabilization Program has planned to take actions in the increasing number of areas that are very likely to have a lot of foreclosure properties the future. Topping the program’s list are areas such as Orient Park, vicinity of University of South Florida, Progress Village, Clair Mel and Palm River. Playing second in the said list are Gibsonton, Plant City and Town ’N Country.
