Cape Coral Foreclosures Stopped - Here are the FACTS.
Cape Coral, FL Florida Governor Charlie Crist along with the Florida Banker's Association and Florida Credit Union League urged banks and credit unions in Florida to put a halt on Foreclosure activities for the next 45 days.
Some banks and credit unions agreed to NOT file any new Foreclosures on primary residences in the state of Florida for the next 45 days (as of Dec 2, 2008). They will also NOT be scheduling sale dates either.
You can read the release from the Governor's office here
This could be a relief for some of the homeowners facing these stresses during the holiday season. It would provide them the opportunity to work with the banks or their real estate agents on a solution.
I haven't been able to find a conclusive statement in regards to which banks or lenders are or are not following the Governors plead to stop foreclosures for the next 45 days.
Researching locally I found an article on the News Press's website. The article stated that Circuit Court Judge John Carlin set sale dates for most of the Lee County Foreclosures - 418 cases this morning, December 4, 2008! So obviously our local court system is prepared to move these cases already pending along quicker.
News Press's website also stated the following:
"For those who, like the Shuaipis, were still living in the foreclosed home, Carlin set the date for 60 days from now instead of the usual 45 days to give them more time to leave."
So if you are currently still living in your house you may be given an extra 15 days to vacate. You can see this article on the News-Press here.
What can you do now?
Solutions can be:
· Talk to your lender - they may help
· Talk to Hope NOW
· Call your mortgage professional - there may be options
· Call your attorney
· Call your Realtor - they might be able to sell it. Regular or if needed via a short sale
We handle many short sales here in Lee County, Florida including the cities of Cape Coral and Ft. Myers. This potential moratorium on Foreclosures could buy us some extra time as well. The lenders should still be negotiating with borrowers (or sellers) to either modify their loan or process a short sale approval during this timeframe.
My thoughts for the big picture if banks do stop Foreclosures are:
We are only putting off the inevitable by asking the banks to stop foreclosures. I do not foresee many homeowners attempting to keep their homes. Most have already attempted to work with their lenders to no avail. Some have simply given up. If you'd like help with a potential modification we may be able to assist you. Sometimes this equates to simply tacking the missed payments onto the back of the loan and/or extending the years to repay said mortgage. It can also equate to a lower interest rate but very rarely are we seeing principal balances reduced. Most lenders have stated their intent to help homeowners stay in their homes but many have not followed through properly. Hopefully more pressure from the state will resume.
Our expertise is in the short sale process. We can sell your house for you and negotiate with your lender to accept a short pay off. You can check out the links below for more information on how short sales work.
How Short Sales should be handled
If you are interested in learning more, feel free to call me at 239-218-2229 or toll free at 888-764-6665.
Yours in Success,
Susan Milner
Florida Future Realty, Inc.
copyright 2008 Susan Milner of Florida Future Realty, Inc.
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