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August 2014 Archives

Miami condo expert facing foreclosure on his own unit

A Miami man and his wife were served with a foreclosure notice on July 23 regarding their oceanfront condominium in Miami Beach. Bank of America is attempting to collect almost $240,000 from the couple for their 994-square-foot condominium on Collins Avenue. The dollar amount represents the principal balance, plus interest and advances.

Things to consider when buying a home

Although Florida residents may be eager to purchase a home, experts say there are certain things that should considered prior to making an offer. One of the more basic instruments used in Florida real estate transactions is the purchase and sale agreement which specifies the price agreed upon and outlines the terms of the transaction. The buyer should read it carefully and make sure that each section is thoroughly understood.

What is a short sale?

Homeowners in Florida may benefit from learning more about a short sale and how the transactions may help eliminate debt one day. Short sales are similar to selling any normal house, except the transaction takes longer to complete because it requires third-party approval. The short sale is used to avoid the consequences of foreclosure. The seller does not make any profit on the sale.

Foreclosures still affecting Floridians

Some South Florida homeowners who went through the process of foreclosure during the mid-2000s recession in order to deal with their mortgage issues are now being served with paperwork for deficiency judgments, which is a method of collecting the unpaid portion of a mortgage on a house that was sold at auction by a bank. One might assume that the bank violated the law by waiting so long, but the practice is legal in Florida.

Florida foreclosure rates still among the highest in the nation

According to Black Knight Financial Services in Jacksonville, foreclosures in the United States declined for the 26th straight month in June 2014. However, Florida still ranks in the top three nationally with 11.18 percent of mortgages classified as non-current. To be classified as non-current, the loan must either be delinquent or in foreclosure.