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Increase in Prices Saved Millions of Homeowners Across America

Increase in prices saved millions of Homeowners across AmericaHome prices are significantly rising. In just the first six months of 2012, CoreLogic reported that the number of homeowners who have escaped being in an underwater status are about 1.3 million, and about 2 million homeowners will receive equity if the worth of state homes will add up an increase of 5 percent.

Residential Homes that have a mortgage lower than their standing credit decreased to 22.3 percent last June from 23.7 percent as recorded last March, CoreLogic said.

CoreLogic translated that from 12.1 million when 2011 closed, to 11.4 last March, then to 10.8 million last June, the number of homeowners who indebted more than what their homes are worth decreased to a very momentous number.

Mark Fleming, CoreLogic’s Chief Economist, said that the rush of home prices this spring and summer, the stumpy levels of accounts, and the falling REO sale shares are all contributing factors to the blossoming house market and decreasing negative equity.

US States that have the highest percentage of mortgage underwater properties are:

Nevada (59 percent)
• Florida (43 percent)
• Arizona (40 percent)
• Georgia (36 percent)
• Michigan (33 percent)

These 5 states occupy 34.1 percent of $689 billion negative equity in the country.

Most of the states mentioned are those that show low status in the housing market, CoreLogic said. Many homes that are underwater are priced less than $200,000 contrast to homes that are priced above $200,000 that are within the 17% range.
Those lenders that have second loans relating to their homes are really submerged “underwater”. About 4.2 million homes have second loans and that’s about 39% of the identified underwater lenders. This group has an average loan balance of about $300,000 – more than of what their home is worth.

There are underwater lenders that do not have second liens, this occupy about 61% of the bracket. These borrowers have an average balance of $216,000 of which these homes are $51,000 more than the average.

Other Articles to Read:

Defending your Gainesville Home against Foreclosure

Determining if you have a Financial Hardship

Is your Gainesville Short Sale Lender Delegated?

Is your Mortgage Lender and Where you Bank the Same

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Gainesville Short Sale Owners filed against Leading Lenders

Gainesville Short Sale Owners filed against Leading Lenders Last year, several lenders vowed to work together with the underwater homeowners to avoid deceitful practices as mentioned in the national legal settlement. However, just recently, there are numerous homeowners in Florida who reported complaints versus the leading lenders.

A deal was made by several states and federal leaders last February which was believed to compel America’s top five lenders to minimize their interest rates, trim down principal or propose cash to those mortgage clients that are struggling.
What has surfaced recently are largest lenders’ clients are greatly disappointed. The percentages of those complaints are in immense numbers; this record was provided by the Florida Attorney General’s Office to the Orlando Sentinel.

Bank of America 39%
Wells Fargo 28%
JPMorgan Chase 28%
Citi 9%
Ally/GMAC 4%

One of the complainants is a condominium owner in the business district of Orlando who opposes to the decision of the legal settlement in which “underwater” mortgage customer who has a property that is now cheaper than the loan will not be able to work with a bank unless the lender is not just a mortgage servicer but as well as own it.

This complainant mentioned that Florida Attorney General and several state attorneys have let the banks reserve a little amount of money to satisfy the needs of the customers who have been deliberately paying on their underwater mortgages. In Florida alone, there is a huge $8.4 billion shared to the state under the settlement but lenders are entailed to use only 4 percent to aid some homeowners in settling their mortgages.

The number of underwater homeowners is very high that the banks cannot refinance all of them. In Orlando city alone, there 250,000 houses are currently worth much less than their mortgages reported by a real-estate research group, CoreLogic Inc. The Florida Attorney General is now facing 1,000 complaints by Floridians against five lenders who processed unlawful mortgage documents.

Upon the announcement of the settlement, the Florida Attorney General Pam Bondi mentioned that the settlement will serve as an aid to struggling homeowners in Florida. The same with the U.S Department of Justice Officials, they said that the result of the settlement will help homeowners all over the country because the mortgage principal is minimized and the loans will be refinanced.
Florida prepared a committee to look closely to the mortgage servicers to see to it that they will comply with the agreement.
Bondi’s Office promised to help ensure that the lenders are complying with the settlement, and they expect to set aside large sums of money to cover the cost if follow-up will be needed as well as investigations.

Some critics said that the problem is not with the compliance of the lenders. The problem is the settlement because it do so little to relieve the homeowners.

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Gainesville Short Sales – Why Don’t I Just Let the Bank Foreclose?

Call Stephanie Anson today at 352-260-0153 for a confidential phone interview regarding your options.

Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents