Jacksonville Bankruptcy Lawyer Blog

According to the latest statistics from the Mortgage Bankers Association (MBA), the mortgage delinquency rate on single-family homes fell to its lowest rate since the fourth quarter of 2008, falling to 8.22% for the fourth quarter 2010. The MBA's chief economist, Jay Brinkmann, said the fourth quarter stats represent "significant across-the-board" decreases in delinquent mortgages in the U.S. Mortgages one payment behind have fallen to late 2007 levels and loans three payments behind have dropped to the lowest levels of 2010.

The MBA delinquency statistics do not include the mortgages that have already received a foreclosure filing but Brinkman noted that "every state but two (North Dakota and Arkansas) saw a drop in the 90-lus day delinquency rate and the two increases were negligible." The number of loans in foreclosure or are at least one payment past due was 13.56%, a significant decline from the third quarter 2010 numbers.

Brinkman stated that the improvement in the delinquency rate should be attributed to the improvement in individual earnings due to the increase in private sector job growth and that "absent a significant economic reversal, the delinquency picture should continue to improve during 2011. If you are already facing a Florida Foreclosure Lawsuit or are delinquent on you mortgage loan, contact a Jacksonville Foreclosure Lawyer or a Florida Foreclosure Lawyer today to see what foreclosure alternative options may be available to you.

The Tampa Florida Tribune has posted an interesting article about the actual effects of the early stages of the statewide, mandatory foreclosure mediation program. According to statistics compiled by the Tribune, between March and June 2010 there were 13,417 cases referred to mediation statewide. Of those cases only 1%, 768 total, resulted in an agreement between the borrower and the lender!

The primary question many are asking is why is the program not working as intended. While there are several factors that may be contributing to the low success rate of the program, most mediation administrators are point to the sloppiness of the lenders attorneys' and their process servers as the most obvious reasons for the breakdown of the program. The sloppy paperwork has made it difficult to locate borrowers in order to determine their desire to participate in the mediation program, which is problematic because the mediation program must contact the borrowers within 60 days of the lawsuit being filed or the case goes back to regular court proceedings.

While only 7 of the 20 Florida Circuit Courts submitted data for the Tribune report, there is enough data to determine that there are major flaws in the program. A Jacksonville Foreclosure Defense Lawyer thinks that mediation is a good alternative for many struggling homeowners and hopes the trend reverses. If you are facing a Florida Foreclosure Lawsuit contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today.