Florida has the Nation’s Highest Foreclosure Rate

Florida foreclosureFlorida now has the highest foreclosure rate nationwide, and it is becoming a major problem.

Of the 10 metropolitan areas with the highest foreclosure rates, seven are in Florida. In 2012, foreclosure filings jumped 20 percent, and one in five mortgages in the state are currently delinquent.

According to the Orlando Sentinel, Seminole County Judge Alan Dickey had, at one point, scheduled 300 foreclosure cases in three days. He said if everyone showed up, he would have enough time for 30 seconds per case.

The foreclosure process currently takes more than 600 days to run its course in Florida, which is adding to the problem of the courts being backlogged.

The latest bill introduced to correct this problem, HB 87, was filed in Tallahassee at the beginning of January, but it is already being attacked by consumer advocates. This is the third attempt by the state legislature to correct this problem, and each has been met with consumer outcry.

If you feel like you may be facing foreclosure, don’t wait until it is too late and you are sucked into the court system; contact Boyer Law Firm today to discuss your options. We have successfully helped clients lower their payments and avoid foreclosure through either an in-house loan modification program or government program.

Source: http://www.miamiherald.com/2013/01/04/3167640/new-florida-bill-would-speed-up.html

Chase Offers a New Approach to Help Customers Refinance Their Loans and Avoid Foreclosure

In addition to the struggle with mortgage payments, homeowners who are undergoing foreclosure have to spend hours submitting documentation to mortgage servicers only to be asked to resubmit more paperwork. Five of the largest mortgage servicers in the country have agreed to stop foreclosure abuses and issues with documentation. Some of the servicers have opted for a principal reduction in mortgages for borrowers who owe more money than the cost of the property itself.

Among these servicers is Chase, who not only agreed to provide a relief in the amount of $4.2 million for homeowners, but also to facilitate the borrowers with a loan modification agreement. Chase’s new approach consists of sending eligible customers a letter notifying them of a new refinanced loan with a lower interest rate. The borrower only has to sign and return the letter without any additional documentation. This is a way to facilitate the borrowers with a faster and more comprehensive process to avoid a foreclosure.

If you are struggling with a foreclosure issue and need help, do not hesitate to contact us.

Information obtained from: http://www.housingwire.com/news/chase-offers-no-doc-refis-principal-reduction?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

The Importance of a Hardship Letter

A major procedure that borrowers often overlook in loan modification issues is the hardship letter. To apply for any mortgage assistance that involves cutting your monthly payments to match your current financial standing, banks and lenders require you to write a hardship letter, which contains the reasons for the default as well as your next set of actions to turn your situation around.

“In the effort to convince lenders into approving their application for mortgage assistance, homeowners often make the mistake of writing a sob story that’s 5-10 pages long. A clerk earning a minimum wage in the loss mitigation department of your bank will throw your hardship letter away because he still has a pending stack of applications for loan modification from thousands and thousands of homeowners to attend to.

Some homeowners also copy templates from blogs and websites online, only to find out that the hardship letter they almost xeroxed in terms of the density of words copied, does not apply to their situation at all.”

At Boyer Law Firm we can aid you in articulating your current circumstances and how they contribute to the default in your mortgage. This part of the letter should be detailed without being boring and overwhelming. Boyer Law Firm in equipped and ready to customize your hardship letter that aids you in your current circumstances.  Please contact us if you have any more questions.

To read more on this article see – http://blog.secretsaboutloanmods.com/home-refinance/a-loan-modification-attorney-can-help-write-a-hardship-letter-for-you/