Florida Foreclosure Moratorium

FLorida Foreclosure News Break

Florida Foreclosure News Report: (Abstract) This just in, Florida Governor Charlie Christ has announced the suspension of foreclosures throughout the state for 45-day period. This plan aimed to help families facing foreclosure through the holiday season as well as through these hard economic times. Families that are eligible for the FL foreclosure suspension must show a need and willingness for repayment as well as live in the home as a primary residence.
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Tallahassee, Florida

Florida banks and mortgage lenders have agreed to stop home foreclosures for 45 days under certain conditions, but the new plan will not provide help to anyone already in the foreclosure process.

Gov. Charlie Crist worked out the agreement with mortgage lenders because he said he wanted to offer hope to struggling homeowners during tough economic times.

Under the deal, lenders are voluntarily suspending foreclosures over the holidays for primary homes, known as homesteads.

The homeowners will have to meet certain criteria to qualify for the program: they must show a need for delaying mortgage payments, they must agree to a repayment plan, they cannot have any history of mortgage fraud and the residence must be their primary home.

Florida has the third highest foreclosure rate in the nation. Gov. Crist says 166,000 households across Florida were in foreclosure last month.

But none of those homeowners will be helped by the moratorium on home foreclosures. Gov. Crist says it impacts only new foreclosures going forward.

He adds that this new assistance is only for people’s primary homes and not for speculators who tried to capitalize on the housing market when it was hot.

Gov. Crist says the plan does not include any help for businesses.

A lot of Floridians are already covered by a moratorium by two of the nation’s biggest home mortgage lenders. Fannie Mae and Freddie Mac are halting foreclosures and evictions during the holiday season.

Meanwhile, Florida is moving ahead with plans to distribute more than $540 million dollars to communities that need help dealing with high foreclosure rates.

Communities will be able to use the cash to buy foreclosed or abandoned homes and then rehabilitate or resell them. The governor hopes that money will help people stay in their homes and stabilize the rocky housing market.

You can find out more information about that program at www.dca.state.fl.us.

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In other Florida Foreclosure News:

 

Florida's Foreclosure Future

 

Tampa Bay: December 4, 2008

Tampa, Fla. - Hudson and Marshall will host a home auction in Tampa today where dozens of foreclosed homes will be up for grabs.

The event takes place just one day after Florida Governor Charlie Crist announced his support of a moratorium on foreclosures on primary residential properties to help families at risk of losing their homes, especially during the holidays.

"I don't think it will have much of an impact on the local housing market. Unfortunately, it's just prolonging the inevitable, but I do think it's a good will gesture by the Governor," said Jeremiah Bustin from Vicinity Realty.

Bustin knows Bay Area Realty well. He is a third generation Tampa real estate agent. He says the freeze on foreclosures won't affect his business because the market is already flooded with foreclosed homes.

The moratorium is similar to one that Governor Arnold Schwarzenegger has already supported in California.

Meanwhile, if you're interested in attending the Hudson and Marshall home auction in Tampa today, it's taking place at the Tampa Marriott Westshore at 7pm.

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