According to an article in the New York Times on Friday, 11/19/2010 by DAVID STREITFELD, the number of homeowners behind on their mortgage payments has lessened. It is the lowest rate of delinquency since 2009. According to the article, the reasons are the improving economy and banks willing to offer some borrowers mortgage modifications. Seriously delinquent mortgages fell … Keep reading... about Foreclosures in North Port, Port Charlotte and Punta Gorda
Real Estate News & Information
Adverse Possession
A mortgage broker in Ft. Lauderdale is using an old Florida stature from 1869 to save abandoned homes and may face consequences. Using the a statute called adverse possession, common in all 50 states, the broker is finding homes that have been designated by the county as a “public nuisance”. He then cleans up the home, pays the taxes and rents the properties for low cost to … Keep reading... about Adverse Possession
Mortgage Default
In a recent report it was stated that 31% of defaults could be strategic. That means the property owners can probably pay their mortgage but choose foreclosure rather than continue to pay a mortgage that is higher than the market value of the property. The home is not their abode, but simply an investment. People are abandoning properties even though they can still afford to … Keep reading... about Mortgage Default
Foreclosures in Port Charlotte, Punta Gorda, North Port, Englewood, Rotonda FL
The newspapers are still filled with articles and editorials about the so called mortgage mess. The federal reserve is looking into banking practices and there is certainly a need for legislation that encourages lenders to modify loans. Many owners would benefit from a simple adjustment in the interest rate the banks charge. With rates at an all time low, owners who are … Keep reading... about Foreclosures in Port Charlotte, Punta Gorda, North Port, Englewood, Rotonda FL
Obama signs Homebuyer tax credit bill extension
President Obama signed an extension of the $8,000 tax credit for first-time buyers. The extension adds money for some move-up buyers. The maximum tax credit remains $8,000. Anyone who has not owned a home within three years is considered a first-time buyer. Your purchase must be under contract by April 30, 2010. Your purchase must close no later than June 30, 2010. After Dec. … Keep reading... about Obama signs Homebuyer tax credit bill extension