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July 2014 Archives

Florida county files foreclosure lawsuit

On July 1, Miami-Dade County filed a foreclosure lawsuit against Metro Realty and Opa Lakes Development concerning an apartment complex on N.W. 135th Street. The mortgage was originally granted in 2011 for $2.52 million before being modified in 2012 for the same total. Originally built in 1972, the apartment complex contains 48 units and a total of 52,468 square feet.

Major bank's decision could impact Florida homebuyers

JPMorgan Chase is taking steps to make fewer home loans to those who have poor credit despite government guarantees and other insurance programs that are intended to protect lenders in the event of a foreclosure. Despite all of these guarantees, the bank says that the cost of going through the foreclosure process is still too high. In 2007, the average foreclosure took 120 days, compared to the current average rate of 572 days.

Florida properties face foreclosure

According to a recent report, a number of commercial properties in Florida have become involved in foreclosure proceedings. The affected commercial real estate properties include an office park in Davie, a closed hotel in Deerfield Beach and a vacant property spanning 3.75 acres in Fort Lauderdale.

Short sales prevalent in Florida

A short sale occurs when a property owner that owes more on the property than its current market value tries to sell it. In Florida, experts say that short sales have become a widespread issue even if fewer of them have been reported in 2014. According to real estate agents in the area, short sales are the result of investors who purchased condos and other residential property as second homes before the market started to crash in 2007.