Welcome to An Informative Guide to Foreclosure
Foreclosure Florida Article
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Government Foreclosure
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Government Foreclosures on homes will occur when homeowners default on:
• Mortgage payments from lending institution
• Taxes (local, state and federal) and assessments
• Homeownership fees
• Utility bills
• Mechanics Liens (right to payment for contractual services on the house and land, legally executable by law) Any monies available after foreclosure sale will be appropriated according legal priority status.
Different agencies will handle government foreclosure properties. When the homeowners default on payments, the title of property or deed reverts back to the government under certain conditions.
Fanny Mae and Freddie Mac are government secured insurances that homeowners apply for to reduce their mortgage payments offered by their original lending institutions. Homeowners can benefit from lower taxes and a lower down payment if they qualify for these government plans. However should they default on these payment plans, the bank or other lending company that issued these government backed loans, will then go to the Fanny Mae, and Freddie Mac foundations to retrieve their money, thus the property now becomes government property, and these divisions will proceed with the government foreclosure sale.
Government bodies such as the US customs, and the department of internal revenue may directly seize property for nonpayment of taxes and law violations.
HUD, or the US Department of Housing and Urban Development and the FHA, or Federal Housing Association are also responsible for government foreclosure sales done through public auctions.
The Department of Veterans Affairs guarantees home ownership loans for military personal. In turn, they will seize property that was guaranteed by the VA when homeowners default on payment.
However since 2004, the VA Department auctions off the property through a private contractor, Ocwen Federal Bank, OFS.
The US government HUD and VA guaranteed programs are only offered through licensed real estate agents and brokers that have been approved by these government bodies. Another important thing to note is that you cannot reassign the government contracts provided by the US Department of Housing and Urban Development (HUD) or the Department of Veterans Affairs (VA).
Similarly, these properties are sold at auction through the licensed authorized real estate agents. These real estate agents receive a six percent commission for procuring a sale. Unlike other public auctions an investor must go through these licensed agents to be able to bid. A bidder will need to provide a letter from their bank to insure that they can cover their bid and in turn the six percent real estate agent commission will be added to the bid. The letter from the bank is only valid for a period of 60 days, so selection and bidding on property must be done quickly.
Before purchasing government foreclosure property, learn about your rights and obligations concerning these sales. The US Department of Housing and Urban Development (HUD) can provide you with all available information on buying government foreclosures, and the licensed real estate agents can provide you with the information as well.
Foreclosure Florida Specific links
Foreclosure Florida News
Florida grabs a ($33.4 million) chunk of foreclosure settlement money for state budget
Out of $334 million in cash payments sent to Florida in a multi-billion dollar mortgage settlement with major banks , about $33.4 million will go to help bolster the state’s budget. Florida is one of several states taking a portion of the $2.5 billion in cash payments from big banks and using it for programs not directly related to the foreclosure crisis, ProPublica reports. A spokeswoman for ...
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NEW YORK (Reuters) - The Florida Supreme Court is set to hear oral arguments Thursday in a lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial liabilities in the state where they face the bulk of their foreclosure-fraud litigation. The court is deciding whether banks who used fraudulent documents to file foreclosure lawsuits can dismiss the cases ...
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A Florida Supreme Court case could have huge national implications on how courts will handle the robo-signing scandal on foreclosures.
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By Brittany Alana Davis, Times/Herald Tallahassee Bureau Thursday, May 10, 2012 TALLAHASSEE — In a case that could impact thousands of homeowners facing foreclosure, Florida's Supreme Court heard arguments Thursday on whether a judge can revive a dropped case when the plaintiff is suspected of fraud. The justices took up Pino vs. The Bank of New York , a Palm Beach County case in which drywall ...
Read more...Florida Supreme Court hears landmark foreclosure suit
(Reuters) - The Florida Supreme Court heard arguments on Thursday in a landmark lawsuit that could undo hundreds of thousands of foreclosures and open up banks to severe financial penalties in the state where they face the bulk of their foreclosure-fraud litigation. ...
Read more...FL Supreme Court hears foreclosure appeal
In a case that could impact thousands of homeowners facing foreclosure, Florida's Supreme Court heard arguments Thursday on whether a judge can revive a dropped case when the plaintiff is suspected of fraud. The justices took up Pino vs. The Bank of New York , a Palm Beach County case in which drywall hanger Roman Pino accused his bank of fraudulently backdating documents used against him in ...
Read more...Sponsored By:
NOTICE OF PUBLIC SALE BILL'S TOWING gives Notice of Foreclosure of Lien and intent to sell these vehicles on 05/28/2012, 8:30 am at 425 S 8TH ST FERNANDINA, FL 32034-3609, pursuant to subsection 713.78 of the Florida Statutes. BILL'S TOWING reserves the right to accept or reject any and/or all bids.
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