Mortgage Blogger Sue Botelho of Northstar Mortgage Group, LLC in Destin, Florida recently posted a great article about foreclosure numbers in our state and whether they’re erroneously reported. There are some great points made in this piece – specifically dealing with how Lis Pendens and the foreclosure of investment properties.
Her take on the Lis Pendens issue is particularly interesting:
A Lis Pendens is file and it can take 6, 8, 12 8, and even 24 months in some cases to actually get to foreclosure. During this time (after the filing of the Lis Pendens and prior to the foreclosure), many of these properties are being sold (either as a short sale or a regular sale), or some of the homeowners are getting loan modifications and restructuring their mortgages or some owners are getting a deferment of payments. When one of these solutions occurs, the foreclosure is stopped, thus the number of “foreclosures†in Florida is actually less than what is being reported as fact.
She closes with a call to buy now – especially in light of the $7,500 first-time homebuyer tax credit and USDA Rural Development programs available. Be sure to read the rest of Sue’s posts, and be sure to keep posted regarding her thoughts on these issues.
I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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