Florida has been hit hard by the housing crisis, as many families continue to struggle to meet their mortgage commitments. Since the nation's mortgage problems are now an undeniable fact, a number of financial companies have made special efforts to work with mortgage holders to helped them through the difficulties of the last few years. Ocwen Financial Corporation's West Palm Beach office is said to be one such company. According to Hope Now, a mortgage industry group, Ocwen has aided thousands of Florida residents through its loan modification program.
Like many other states, Florida has been hit hard by the housing crisis. On a national level, homeownership in the United States, with respect to the third quarter of 2011, is at its second-lowest level in 13 years. As homeowners find it increasingly difficult to make their mortgage payments, many are forced into evictions. And for those looking to buy, tighter credit standards are shutting many of those people down in their tracks.
Most Florida residents already understand that the state is in the midst of a foreclosure crisis. What they may not understand is just how bad the situation really is state-wide. A report put out by LPS Applied Analytics suggests that the mortgage foreclosure situation may be far worse than many people imagined.
A property tax firm in north central Florida says that a surprise on upcoming tax bills may be of serious concern to many Florida residents. The firm indicates that an "unintended consequence" of the Save Our Homes Amendment (passed in 1992) is to blame. People are seeing their homes' market values decrease while their assessed values continue to increase. This frustrating situation could give rise to a larger number of real estate disputes filed.
Florida residents looking to close on a real estate sale may be interested in a property assessment controversy unfolding in Brevard County. In Florida, real estate tax is based on assessed value, so that value plays an important part in determining the annual amount of property taxes to be paid by a homeowner. At issue in Brevard are claims made by the county Property Appraiser, the county Value Adjustment Board (VAB) and the Florida Department of Revenue (DOR). The controversy surrounds a charge of favoritism concerning the appraised value of certain residential real estate in Indialantic. The appraiser has filed a lawsuit against the VAB and the DOR, accusing the VAB of not following the law and the DOR of basically looking the other way.