New data from foreclosure tracking firm RealtyTrac reveals that foreclosure activity rose in 133 of the 206 largest U.S. metro areas in the third quarter 2010, including 11 of the 20 largest metro markets. That means that foreclosure activity rose an astonishing 65% over the July to August time period. The four most foreclosure plagued states; Florida, California, Nevada and Arizona, claimed 19 of the 20 metro’s with the most foreclosure activity with Boise City-Nampa, Idaho coming in at number 14.
The U.S. metro area with the largest percentage increase in foreclosure activity was Seatle-Tacoma-Bellevue, Washington, an alarming 71% increase in foreclosure activity, followed by Chicago-Naperville-Joliet, Illinois, a 35% increase, and Houston-Sugar Land-Baytown, Texas with 26% increase. James J. Saccacio, CEO of RealtyTrac, stated that until the problems of unemployment, underemployment, negative equity and toxic loans are solved “these historically high foreclosure rates will continue.” Cape Coral-Fort Meyers, Florida holds the distinction of having the nations second highest foreclosure rate, with one in every 35 homes receiving a foreclosure complaint in the third quarter alone.
If you are facing a Florida Foreclosure Lawsuit contact a Jacksonville Bankruptcy Lawyer who is familiar with Foreclosure Defense law to discuss your situation and circumstances to see what defenses and options you have with your case.
Jacksonville homes underwater. This is a question that we hear often as Jacksonville Bankruptcy and Florida Foreclosure Lawyers. In short, a deficiency judgment is a judgment for a debt that is owed after a foreclosure, i.e. the amount of money the bank was not able to recover after it forecloses on a home. Lenders are even allowed to add interest, fees and other expenses to that amount as long as their is an outstanding deficiency. While some states have laws that prevent lenders from seeking deficiency judgments, Florida is one of the states that does allow deficiency judgments to be pursued.
A new cooperative study from state attorneys general and lending insiders from across the country has found that greater than 60% of homeowners who are seriously delinquent on their mortgage payments are not involved in any foreclosure alternative with their lender. On its face this news is disturbing, but coupled with the other findings of the study, that loan modifications are leading to few re-defaults, shows just how misplaced many lenders focus is.
As the numbers of Americans considering strategic defaults rises, more and more mortgage brokers are fielding calls asking about the possibility for “buy and bail” purchase. A “buy and bail” purchase is where a homeowner is considering a strategic default on their home, often due to an extreme drop in their home’s value, purchases another home before they default on their current home. By completing a “buy and bail” purchase, a homeowner is able to get into another home, often at a steep discount due to low home values, before their credit rating is ruined because of the default.