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More than half of Florida homeowners in default are 2 years overdue

More than half of Florida homeowners in default are 2 years overdue


Ironic, LPS would make a comment on an article and offer stats on overdue defaulted homeowners, when a reason why an estimated 350,000 foreclosures cases continue to be delayed as lenders and bank lawyers sort through last fall’s robo-signing scandal.

Hmmm. They are front and center of the robo-signing scandal and they offer advice?

Palm Beach Post-

More than half of Florida homeowners in foreclosure have not made a mortgage payment in two years or more. That’s higher than the national average and one indication of why banks are paying borrowers up to $20,000 to execute a short sale.

A new report from Jacksonville-based LPS Applied Analytics found that as of September, 56 percent of Florida’s mortgages in foreclosure are 24 months or more behind in payments, compared with 39 percent nationwide.

About 84 percent of Florida foreclosures are more than 18 months in arrears.

[…]

Last month, Bank of America quietly began a Florida-only campaign that gives homeowners up to $20,000 for a short sale rather than letting their homes linger.

Wells Fargo and J.P. Morgan Chase have similar short-sale programs, sometimes called “cash for keys.” McCabe said a woman he knows was told by Chase it would give her $35,000 for a short sale after she was only 60 days behind on payments.

[PALM BEACH POST]

But then, the banks are trying to offer cash to homeowners to follow through with a short sale? In case you’re wondering, it takes 501 days to complete a short sale in South Florida.

Does this make any sense? What buyer has the patience to wait this long?

 

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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The 25-Year ‘Foreclosure from Hell’

The 25-Year ‘Foreclosure from Hell’


DECEMBER 4, 2010

By ROBBIE WHELAN

OKEECHOBEE COUNTY, Fla.—Patsy Campbell could tell you a thing or two about fighting foreclosure. She’s been fighting hers for 25 years.

The 71-year-old retired insurance saleswoman has been living in her house, a two-story on a half acre in a tidy middle-class neighborhood here in central Florida, since 1978. The last time she made a mortgage payment was October 1985.

And yet Ms. Campbell has been able to keep her house, protected by a 105-pound pit bull named Dodger and a locked, rusty gate advising visitors to beware of the dog.

“They’re not going to take this house,” says Ms. Campbell. “I intend to stay in this house and maintain it as my residence until I die.”

Ms. Campbell’s foreclosure case has outlasted two marriages, three recessions and four presidents. She has seen seven great-grandchildren born, plum real-estate markets come and go and the ownership of her mortgage change six times. Many Florida real-estate lawyers say it is the longest-lasting foreclosure case they have ever heard of.

The story of how Ms. Campbell has managed to avoid both paying her mortgage and losing her home, which is currently assessed at more than $203,000, is a cautionary tale for lenders that cut corners and followed sloppy practices when originating, processing and servicing mortgages. Lenders are especially vulnerable in the 23 states, including Florida, that require foreclosures to be approved by a judge.

Ms. Campbell has challenged her foreclosure on the grounds that her mortgage was improperly transferred between banks and federal agencies, that lawyers for the bank had waited too long to prosecute the case, that a Florida law shields her from all her creditors, and for dozens of other reasons. Once, she questioned whether there really was a debt at all, saying the lender improperly separated the note from the mortgage contract.

She has managed to stave off the banks partly because several courts have recognized that some of her legal arguments have some merit—however minor. Two foreclosure actions against her, for example, were thrown out because her lender sat on its hands too long after filing a case and lost its window to foreclose.

Ms. Campbell, who is handling her case these days without a lawyer, has learned how to work the ropes of the legal system so well that she has met every attempt by a lender to repossess her home with multiple appeals and counteractions, burying the plaintiffs facing her under piles of paperwork.

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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