Foreclosure cases have been pounding the Florida court system like a huge typhoon not only because the said state has been one of the states in America with the highest foreclosure listings rate but because the said area requires judges to sign off on foreclosures which result overwhelming cases to handle.
The bailout program of Obama which aimed to encourage more loan modifications nationally may stem the flood of foreclosures in Florida but according to local authority, the area's huge number of residents that are not employed will have the great probability to end up of losing their properties. In other words, despite having the said rescue from the government, homeowners still be battling on how to stop foreclosure in Florida.
Recently, BankAtlantic and BankUnited of Fore Lauderdale have informed the public about the temporary moratorium for all loans that they owned and service. The said program is said to be until such time that the Obama Administration has streamlined its bailout program where the housing market is one of the beneficiaries. This means, homeowners can temporarily have a break from anxiousness on how to stop foreclosure in Florida.
The announcements of the said temporary moratorium were promulgated shortly after major banks Morgan Stanley, Bank of America Corp., JPMorgan Chase and Co., and government-owned mortgage giants Federal Home Loan Corp. and Federal National Mortgage Association finally decided to temporarily stop foreclosures on mortgage loans they owned and serviced.
Foreclosure moratorium's duration is said to be dependent greatly on measures covered in President Obama's economic program plan for recovery. Such program is also dependent on the specific coverage housing recovery program tailored in the bailout bill.
The two banks are on high spirits that they would learn the specific details soon with regards to Obama's $50 billion recovery program to be allocated to help homeowners about the problem on dealing issues on how to stop foreclosures.
BankUnited Chief Executive Officer and President Ramiro Ortiz said that the bank wants to reduce the number of Florida foreclosures. He is optimistic that the Department of Treasury’s recovery plan will provide an alternative for homeowners to help them avoid losing their homes to foreclosures.
The very core of the moratorium announced by BankUnited Chief Executive and President Ramiro Ortiz is to reduce the number of foreclosures in Florida. He is hopeful that the Treasury Department's housing recovery plan will provide an effective options for homeowners to help them avoid losing homes to foreclosure—to stop foreclosures in Florida.
The total number of homeowners who lost their properties in 2008 alone was 385, 309 or 4.52 percent, an increase of 133 percent from the previous year. Florida, along with Arizona, California and Nevada, made a nearly 50 percent chunk of the country’s total foreclosures in 2008. Furthermore, trends are cited continue in 2009 and in the coming years. In other words, how to stop foreclosure will most likely to be a long balltle not just in Florida but in the other states as well.---Roy Van
The bailout program of Obama which aimed to encourage more loan modifications nationally may stem the flood of foreclosures in Florida but according to local authority, the area's huge number of residents that are not employed will have the great probability to end up of losing their properties. In other words, despite having the said rescue from the government, homeowners still be battling on how to stop foreclosure in Florida.
Recently, BankAtlantic and BankUnited of Fore Lauderdale have informed the public about the temporary moratorium for all loans that they owned and service. The said program is said to be until such time that the Obama Administration has streamlined its bailout program where the housing market is one of the beneficiaries. This means, homeowners can temporarily have a break from anxiousness on how to stop foreclosure in Florida.
The announcements of the said temporary moratorium were promulgated shortly after major banks Morgan Stanley, Bank of America Corp., JPMorgan Chase and Co., and government-owned mortgage giants Federal Home Loan Corp. and Federal National Mortgage Association finally decided to temporarily stop foreclosures on mortgage loans they owned and serviced.
Foreclosure moratorium's duration is said to be dependent greatly on measures covered in President Obama's economic program plan for recovery. Such program is also dependent on the specific coverage housing recovery program tailored in the bailout bill.
The two banks are on high spirits that they would learn the specific details soon with regards to Obama's $50 billion recovery program to be allocated to help homeowners about the problem on dealing issues on how to stop foreclosures.
BankUnited Chief Executive Officer and President Ramiro Ortiz said that the bank wants to reduce the number of Florida foreclosures. He is optimistic that the Department of Treasury’s recovery plan will provide an alternative for homeowners to help them avoid losing their homes to foreclosures.
The very core of the moratorium announced by BankUnited Chief Executive and President Ramiro Ortiz is to reduce the number of foreclosures in Florida. He is hopeful that the Treasury Department's housing recovery plan will provide an effective options for homeowners to help them avoid losing homes to foreclosure—to stop foreclosures in Florida.
The total number of homeowners who lost their properties in 2008 alone was 385, 309 or 4.52 percent, an increase of 133 percent from the previous year. Florida, along with Arizona, California and Nevada, made a nearly 50 percent chunk of the country’s total foreclosures in 2008. Furthermore, trends are cited continue in 2009 and in the coming years. In other words, how to stop foreclosure will most likely to be a long balltle not just in Florida but in the other states as well.---Roy Van
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