Florida Governor Charlie Crist announced in a press conference today that he has been able to negotiate with some lenders including Bank of America/Countrywide to abate the foreclosure process for the next 45 days. This is good news for some people that are really struggling.
This abatement would be voluntary, will only affect some lenders, and will only apply to primary residences. It also will not affect properties that are already in foreclosure - just new foreclosure filings.
Hopefully these people that are being given a break won't just put their head in the sand for another 6 weeks and spend their mortgage money on Plasma TV's and other Christmas presents. I have a feeling that all this is going to do is prolong the inevitable.
Well at least it makes for a good press conference. It sounds all Happy Holidays and warm & fuzzy for sure. It makes all these banks foreclosing and working short sales not seem so Grinch-like. I hope it does more than that and actually keeps some people in their homes.
Here is a more detailed article in the Orlando Sentinel.
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Rob Arnold - Your full service and investor friendly Realtor ® in Orlando and Central Florida.
ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
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