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February 2012 Archives

South Florida residents fight for real estate deposits

Another South Florida condo-hotel is scheduled for sale on March 14 at a foreclosure auction in Fort Lauderdale. The sale of the property was ordered by the Broward County Circuit Court as part of a foreclosure judgment filed against the developer by the loan holder. The property was once linked to the famous real estate tycoon Donald Trump.

New development in South Florida

South Florida's residential real estate market seems to be getting more appealing to developers as 22 new projects totaling 4,400 units start to get underway. This does not mean that all of the state's housing troubles are in the past, but it is certainly a very positive turn of events, one that South Florida will likely carry forward well into the future.

Proposed legislation spurs debate over non-judicial foreclosure

Florida homeowners have been hit particularly hard by the foreclosure crisis. Adding insult to injury in the eyes of some is a new bill some Floridian legislators are seeking to introduce that might allow for non-judicial foreclosures. Critics fear the law will help banks and hurt homeowners, but those sponsoring the bill argue that homeowners benefit from the law.

Governments and banks agree to $26 billion mortgage relief

In an effort to provide relief during the mortgage crisis that has affected so many Florida residents, state and federal officials arrived at an historic $26 billion settlement with five major mortgage servicers. Bank of America, Wells Fargo, JP Morgan Chase, Ally Financial and Citigroup have all signed on to provide $17 billion in mortgage relief to roughly one million borrowers throughout the nation. The federal government is set to handle $1 billion in relief, while $3 billion will be used to refinance loans for lower interest rates.

Floridians seek loan modifications, politicians say let banks decide

South Florida residents may have paid attention lately to the campaigning politicians who came to Florida and addressed, among other things, the troubles of the state's housing market. Struggling homeowners in Broward County and throughout South Florida are looking for ways to prevent foreclosure or complete a real estate sale without losing their nest eggs. However, the debates may have demonstrated a rather large separation between the needs of struggling homeowners and solutions politicians are proposing.