Missing Mortgage Payments?

It’s Not Too Late

Wondering what a homeowner should expect when payments are missed? The most important thing to know is that no matter what stage of default a homeowner is in, there is almost always a way to avoid foreclosure. That being said, the quicker a homeowner does something about the situation, the less challenging it will be to resolve.

First, here’s what a distressed homeowner should expect to happen when payments are missed:

30 Days Late: The lender will attempt phone contact or send a notice in the mail.

60 Days Late: The lender will attempt to make contact by phone and follow up with another letter in the mail.

90 Days Late: The lender will send a letter demanding all past due amounts within 30 days and start the foreclosure process.

120 Days or More Late: The lender’s attorneys will take over and the homeowner will be responsible for their fees in addition to missed mortgage payments and the loan amount due.

Not late yet, but about to be?

Homeowners that are not late but foresee missing payments should communicate this to their lenders as soon as possible. In the past, many banks wouldn’t work with homeowners unless they were one or more payments behind. In light of the mortgage crisis, most lenders who would rather take a proactive stance and decrease their loan losses. They are more willing than ever to work with homeowners to avoid being late.

If you are visiting my website, you or someone you care about may miss mortgage payments in the near future. I can help navigate the process and put you back on a path to financial stability. Contact me today and alleviate the stress that comes with unaffordable mortgage payments.

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MARS short sale disclosure rules canceled for Realtors

WASHINGTON – July 15, 2011 – In a move the National Association of Realtors® calls “a substantial victory for Realtors,” the Federal Trade Commission (FTC) announced that it will not enforce most of the provisions of the Mortgage Assistance Relief Services (MARS) rule against real estate licensees.

As a result of the stay on enforcement, real estate licensees who provide short sale services will not have to make the disclosures required by MARS as far as the FTC is concerned. However, the FTC announcement also gave Florida Attorney General Pam Bondi the ability to overrule the FTC within the State of Florida.

Florida Realtors has contacted Bondi’s office, but an official answer isn’t expected before next week at the earliest. In the meantime, Florida Realtors Law and Policy department recommends that Realtors continue to use the MARS disclosures until further notice.

The FTC stay on MARS rules enforcement applies only to real estate licensees and defines them as ones who: 1) are licensed and in good standing under state licensing requirements; 2) comply with state laws governing the practices of real estate professionals; and 3) assist or attempt to assist consumers in obtaining short sales in the course of securing the sale of their homes.

The stay does not apply to real estate licensees who provide other types of mortgage assistance relief services, such as loan modifications. It also does not give real estate licensees permission to use any unfair or deceptive practices banned under MARS.

NAR has been working with the FTC for several months to minimize the potential impact on real estate professionals who help financially distressed clients obtain short sales.

The complete FTC decision is available online in PDF format.


This is exciting news for real estate agents who have been working diligently to help distressed homeowners. It is unfortunate the a handful of "bad apples" created such a mess that these guidelines had to be imposed in the first place. So, on behalf of all the real estate agents out there who follow the rules and do what's in the best interest of client... THANK YOU!

Free foreclosure prevention workshops planned in Florida

ORLANDO, Fla. – July 1, 2011 – Two free foreclosure prevention workshops to help homeowners in financial distress are scheduled in the next two weeks in Florida: in Hollywood on July 11, 11 a.m. to 7:30 p.m., at the Westin Diplomat Resort & Spa, and in Jacksonville on July 13, from 11 a.m. to 7:30 p.m., at the Prime F. Osborn III Convention Center.

The workshops are sponsored by the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD), as part of the Obama Administration’s Making Home Affordable Program, along with the HOPE NOW Alliance and NeighborWorks America®.

During the two events, homeowners may be able to have a face-to-face meeting with a representative from their mortgage lender or local housing counselor. Homeowners also will be able to find out if they qualify for the Making Home Affordable Program or other options from their lenders. Each event is expected to draw about 20 mortgage lender companies, a large number of housing counselors and between 750 to 1,000 homeowners. Representatives from HUD, Fannie Mae, Freddie Mac and the Hardest Hit Funds will be available.

Organizers are looking for volunteers to help with the two events in a number of capacities.

“Volunteers are critical to the success of the day,” said Bonnie Wolferd, a consultant working on behalf of NeighborWorks America, the HOPE NOW Alliance and Making Home Affordable programs. “We need at least 50 volunteers per shift (three to four shifts) to help us with registration, exit surveys, directional guidance, translation and additional assistance that will help the day run smoothly for the homeowner.

“We hope Realtors in these areas reach out to homeowners they know who may benefit from these workshops,” she said. “We’re also counting on Realtors to help by volunteering behind the scenes. Realtors have played an important part in volunteer service at each of these workshops held across the country, and we hope to have a large Realtor volunteer response for the two Florida events.”
 
For questions, information on what homeowners should bring to the workshops and to volunteer, please contact Bonnie Wolferd at bonnie@wolferdconsulting.com or (713) 819-3156.

© 2011 Florida Realtors®

South Florida's New Foreclosure Filings Fall 51% in Second Quarter

By: Heather Hill Cernoch 

During the second quarter of 2011, foreclosure actions plunged by 51 percent in the tri-county South Florida region compared to the same three-month period in 2010, according to a new report from CondoVultures.com.

Lenders filed close to 7,200 notices of default between April and June in Miami-Dade, Broward, and Palm Beach counties. Nearly 14,800 were filed in the second quarter of 2010.

These numbers represent a continued tumble from previous years – with 28,400 foreclosure actions filed in the second quarter of 2009.  “Lenders appear to be riding the brake when it comes to foreclosure actions in South Florida,” said Peter Zalewski, a principal with the Florida-based real estate consultancy Condo Vultures LLC.
“Consider that lenders are filing an average of only 78 foreclosure actions per day in 2011 compared to more than 290 per day in the first half of 2009,” Zalewski said. “The question is whether the number of filings will increase once the administrative irregularities tied to foreclosure process in Florida can be resolved by the lenders and regulators.”

At the current pace, foreclosure filings in 2011 would rank as the fewest number of actions since the South Florida real estate downturn began, according to the report.  Administrative irregularities in the foreclosure process in late September 2010 created a “foreclosure freeze,” especially in judicial states such as Florida.

Lenders filed 61 percent fewer notices of default in the tri-county South Florida region between October and December of last year than they did during the same three-month period in 2009, according to the report. The aftereffects continue to impact the South Florida market.

Lenders have also slowed foreclosure efforts due to the rising costs and difficulty involved with repossessing properties from borrowers in default, CondoVultures explained in a statement.

Prior to the real estate crash, lenders expected the foreclosure process to take about six months to complete and cost about $40,000.   In South Florida today, lenders now plan for an 18-month repossession process at about $100,000 per property.   Nearly 280,000 notices of default have been filed against borrowers in South Florida between January 2007 and June 2011.

Know Someone Who is Missing Mortgage Payments?

According to Lender Processing Services (LPS), over 6.32 million homeowners missed their mortgage payments in April 2011. Another four million have missed more than three months of payments and are now considered seriously delinquent. If you or someone you care about is having difficulty making mortgage payments, it’s not too late to get help.

I have developed a report filled with information that every homeowner should know. It’s a guide on how to avoid foreclosure and how I can help work with lenders to resolve an unaffordable mortgage. You can download the report at the following website:

www.TreasureCoastHomeownerHelp.com

There is financial stability on the horizon—I can help put an overwhelmed homeowner on the path to get there. If you or someone you care about needs help, I’m only a phone call away.