Real Estate News

Source: Real Estate / South Florida Sun-Sentinel

Get all the latest real estate news from the South Florida Sun-Sentinel.

Zillow: South Florida on pace for housing bottom in 2012

South Florida's housing outlook is brightening amid growing talk of a bottom.

full story >>

$25 billion settlement reached with 5 largest mortgage lenders over foreclosure abuses

WASHINGTON (AP) — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.

full story >>

U.S. reaches mortgage settlement with five major lenders

WASHINGTON (Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork. The Obama administration hopes the settlement will open a new avenue for housing relief because it will force the banks to write down mortgages at a time when roughly one in four borrowers owe more on their mortgage than their home is worth. Principal reductions have been done on a voluntary basis by banks, often on a limited basis. The deal resolves civil government lawsuits over faulty foreclosures and servicing misconduct. The banks involved in the deal are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc. Although the deal with 49 states is the largest joint federal-state settlement ever obtained, the amount is miniscule compared to the declines in home values and the banks still face a host of other mortgage-related lawsuits. "The bottom line about this settlement, is it's okay, it's a step forward, it's a step in the right direction. But let's not kid ourselves, there's a hell of a lot more that needs to be done," said Ira Rheingold, executive director of the National Association of Consumer Advocates. The deal does little to ease bank investor fears, industry analysts said. "We believe any initial euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face," said Guggenheim Partners analyst Jaret Seiberg in a note on Thursday. The U.S. Justice Department, the Department of Housing and Urban Development, and a handful of state attorneys general announced the deal at a news conference in Washington. Some large states, such as California and New York, joined at the last minute. "This historic settlement will provide immediate relief to homeowners - forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers," said HUD Secretary Shaun Donovan. (Reporting By Aruna Viswanatha, Rick Rothacker, and Jim Vicini; writing by Karey Wutkowski; Editing by Gerald E. McCormick and Tim Dobbyn)

full story >>

Lenders paying delinquent homeowners to complete short sales

Bloomberg is out with a piece on banks offering cash to homeowners to complete short sales.

full story >>

CoreLogic: Florida leads nation in foreclosure inventory

Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

full story >>

Lawsuit: Citizens Property Insurance charges too much

TALLAHASSEE -- Citizens Property Insurance, the state-run insurer that covers nearly 1.5 million Florida homes, uses a home-valuation method that results in policy holders paying up to twice as much as they should in premiums, according to a lawsuit filed Tuesday.

full story >>

Florida House takes step to shrink state-run insurer

The Florida House last week passed a measure that would allow less regulated surplus lines insurance carriers to take over policies from Citizens Property Insurance Corp.

full story >>

Is the housing market still making you miserable? | Poll

For the second year in a row, the housing crisis helped West Palm Beach, Fort Lauderdale and Miami land on Forbes magazine's list of the nation's most miserable cities.

full story >>

How to beat the competition and buy a foreclosed home

Start with your best offer and consider bumping up the deposit

Finding a bank-owned home these days is hard enough. Actually buying one is an even bigger burden.

full story >>

Will Obama's new mortgage plan make a difference?

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

full story >>

Source: Real Estate / South Florida Sun-Sentinel

Get all the latest real estate news from the South Florida Sun-Sentinel.

Zillow: South Florida on pace for housing bottom in 2012

South Florida's housing outlook is brightening amid growing talk of a bottom.

full story >>

$25 billion settlement reached with 5 largest mortgage lenders over foreclosure abuses

WASHINGTON (AP) — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.

full story >>

U.S. reaches mortgage settlement with five major lenders

WASHINGTON (Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork. The Obama administration hopes the settlement will open a new avenue for housing relief because it will force the banks to write down mortgages at a time when roughly one in four borrowers owe more on their mortgage than their home is worth. Principal reductions have been done on a voluntary basis by banks, often on a limited basis. The deal resolves civil government lawsuits over faulty foreclosures and servicing misconduct. The banks involved in the deal are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc. Although the deal with 49 states is the largest joint federal-state settlement ever obtained, the amount is miniscule compared to the declines in home values and the banks still face a host of other mortgage-related lawsuits. "The bottom line about this settlement, is it's okay, it's a step forward, it's a step in the right direction. But let's not kid ourselves, there's a hell of a lot more that needs to be done," said Ira Rheingold, executive director of the National Association of Consumer Advocates. The deal does little to ease bank investor fears, industry analysts said. "We believe any initial euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face," said Guggenheim Partners analyst Jaret Seiberg in a note on Thursday. The U.S. Justice Department, the Department of Housing and Urban Development, and a handful of state attorneys general announced the deal at a news conference in Washington. Some large states, such as California and New York, joined at the last minute. "This historic settlement will provide immediate relief to homeowners - forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers," said HUD Secretary Shaun Donovan. (Reporting By Aruna Viswanatha, Rick Rothacker, and Jim Vicini; writing by Karey Wutkowski; Editing by Gerald E. McCormick and Tim Dobbyn)

full story >>

Lenders paying delinquent homeowners to complete short sales

Bloomberg is out with a piece on banks offering cash to homeowners to complete short sales.

full story >>

CoreLogic: Florida leads nation in foreclosure inventory

Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

full story >>

Lawsuit: Citizens Property Insurance charges too much

TALLAHASSEE -- Citizens Property Insurance, the state-run insurer that covers nearly 1.5 million Florida homes, uses a home-valuation method that results in policy holders paying up to twice as much as they should in premiums, according to a lawsuit filed Tuesday.

full story >>

Florida House takes step to shrink state-run insurer

The Florida House last week passed a measure that would allow less regulated surplus lines insurance carriers to take over policies from Citizens Property Insurance Corp.

full story >>

Is the housing market still making you miserable? | Poll

For the second year in a row, the housing crisis helped West Palm Beach, Fort Lauderdale and Miami land on Forbes magazine's list of the nation's most miserable cities.

full story >>

How to beat the competition and buy a foreclosed home

Start with your best offer and consider bumping up the deposit

Finding a bank-owned home these days is hard enough. Actually buying one is an even bigger burden.

full story >>

Will Obama's new mortgage plan make a difference?

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

full story >>

Source: Real Estate / South Florida Sun-Sentinel

Get all the latest real estate news from the South Florida Sun-Sentinel.

Zillow: South Florida on pace for housing bottom in 2012

South Florida's housing outlook is brightening amid growing talk of a bottom.

full story >>

$25 billion settlement reached with 5 largest mortgage lenders over foreclosure abuses

WASHINGTON (AP) — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.

full story >>

U.S. reaches mortgage settlement with five major lenders

WASHINGTON (Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork. The Obama administration hopes the settlement will open a new avenue for housing relief because it will force the banks to write down mortgages at a time when roughly one in four borrowers owe more on their mortgage than their home is worth. Principal reductions have been done on a voluntary basis by banks, often on a limited basis. The deal resolves civil government lawsuits over faulty foreclosures and servicing misconduct. The banks involved in the deal are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc. Although the deal with 49 states is the largest joint federal-state settlement ever obtained, the amount is miniscule compared to the declines in home values and the banks still face a host of other mortgage-related lawsuits. "The bottom line about this settlement, is it's okay, it's a step forward, it's a step in the right direction. But let's not kid ourselves, there's a hell of a lot more that needs to be done," said Ira Rheingold, executive director of the National Association of Consumer Advocates. The deal does little to ease bank investor fears, industry analysts said. "We believe any initial euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face," said Guggenheim Partners analyst Jaret Seiberg in a note on Thursday. The U.S. Justice Department, the Department of Housing and Urban Development, and a handful of state attorneys general announced the deal at a news conference in Washington. Some large states, such as California and New York, joined at the last minute. "This historic settlement will provide immediate relief to homeowners - forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers," said HUD Secretary Shaun Donovan. (Reporting By Aruna Viswanatha, Rick Rothacker, and Jim Vicini; writing by Karey Wutkowski; Editing by Gerald E. McCormick and Tim Dobbyn)

full story >>

Lenders paying delinquent homeowners to complete short sales

Bloomberg is out with a piece on banks offering cash to homeowners to complete short sales.

full story >>

CoreLogic: Florida leads nation in foreclosure inventory

Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

full story >>

Lawsuit: Citizens Property Insurance charges too much

TALLAHASSEE -- Citizens Property Insurance, the state-run insurer that covers nearly 1.5 million Florida homes, uses a home-valuation method that results in policy holders paying up to twice as much as they should in premiums, according to a lawsuit filed Tuesday.

full story >>

Florida House takes step to shrink state-run insurer

The Florida House last week passed a measure that would allow less regulated surplus lines insurance carriers to take over policies from Citizens Property Insurance Corp.

full story >>

Is the housing market still making you miserable? | Poll

For the second year in a row, the housing crisis helped West Palm Beach, Fort Lauderdale and Miami land on Forbes magazine's list of the nation's most miserable cities.

full story >>

How to beat the competition and buy a foreclosed home

Start with your best offer and consider bumping up the deposit

Finding a bank-owned home these days is hard enough. Actually buying one is an even bigger burden.

full story >>

Will Obama's new mortgage plan make a difference?

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

full story >>

Source: Real Estate / South Florida Sun-Sentinel

Get all the latest real estate news from the South Florida Sun-Sentinel.

Zillow: South Florida on pace for housing bottom in 2012

South Florida's housing outlook is brightening amid growing talk of a bottom.

full story >>

$25 billion settlement reached with 5 largest mortgage lenders over foreclosure abuses

WASHINGTON (AP) — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.

full story >>

U.S. reaches mortgage settlement with five major lenders

WASHINGTON (Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork. The Obama administration hopes the settlement will open a new avenue for housing relief because it will force the banks to write down mortgages at a time when roughly one in four borrowers owe more on their mortgage than their home is worth. Principal reductions have been done on a voluntary basis by banks, often on a limited basis. The deal resolves civil government lawsuits over faulty foreclosures and servicing misconduct. The banks involved in the deal are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc. Although the deal with 49 states is the largest joint federal-state settlement ever obtained, the amount is miniscule compared to the declines in home values and the banks still face a host of other mortgage-related lawsuits. "The bottom line about this settlement, is it's okay, it's a step forward, it's a step in the right direction. But let's not kid ourselves, there's a hell of a lot more that needs to be done," said Ira Rheingold, executive director of the National Association of Consumer Advocates. The deal does little to ease bank investor fears, industry analysts said. "We believe any initial euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face," said Guggenheim Partners analyst Jaret Seiberg in a note on Thursday. The U.S. Justice Department, the Department of Housing and Urban Development, and a handful of state attorneys general announced the deal at a news conference in Washington. Some large states, such as California and New York, joined at the last minute. "This historic settlement will provide immediate relief to homeowners - forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers," said HUD Secretary Shaun Donovan. (Reporting By Aruna Viswanatha, Rick Rothacker, and Jim Vicini; writing by Karey Wutkowski; Editing by Gerald E. McCormick and Tim Dobbyn)

full story >>

Lenders paying delinquent homeowners to complete short sales

Bloomberg is out with a piece on banks offering cash to homeowners to complete short sales.

full story >>

CoreLogic: Florida leads nation in foreclosure inventory

Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

full story >>

Lawsuit: Citizens Property Insurance charges too much

TALLAHASSEE -- Citizens Property Insurance, the state-run insurer that covers nearly 1.5 million Florida homes, uses a home-valuation method that results in policy holders paying up to twice as much as they should in premiums, according to a lawsuit filed Tuesday.

full story >>

Florida House takes step to shrink state-run insurer

The Florida House last week passed a measure that would allow less regulated surplus lines insurance carriers to take over policies from Citizens Property Insurance Corp.

full story >>

Is the housing market still making you miserable? | Poll

For the second year in a row, the housing crisis helped West Palm Beach, Fort Lauderdale and Miami land on Forbes magazine's list of the nation's most miserable cities.

full story >>

How to beat the competition and buy a foreclosed home

Start with your best offer and consider bumping up the deposit

Finding a bank-owned home these days is hard enough. Actually buying one is an even bigger burden.

full story >>

Will Obama's new mortgage plan make a difference?

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

full story >>

Source: Real Estate / South Florida Sun-Sentinel

Get all the latest real estate news from the South Florida Sun-Sentinel.

Zillow: South Florida on pace for housing bottom in 2012

South Florida's housing outlook is brightening amid growing talk of a bottom.

full story >>

$25 billion settlement reached with 5 largest mortgage lenders over foreclosure abuses

WASHINGTON (AP) — A landmark $25 billion settlement with the nation's top mortgage lenders was hailed by government officials Thursday as long-overdue relief for victims of foreclosure abuses. But consumer advocates countered that far too few people will benefit.

full story >>

U.S. reaches mortgage settlement with five major lenders

WASHINGTON (Reuters) - The biggest U.S. banks will provide about $25 billion in relief to distressed homeowners, as state and federal officials hold lenders responsible for taking illegal shortcuts during foreclosures and for other deceptive practices. The settlement announced on Thursday seals more than a year of negotiations after evidence emerged late in 2010 that banks robosigned thousands of foreclosure documents without properly reviewing paperwork. The Obama administration hopes the settlement will open a new avenue for housing relief because it will force the banks to write down mortgages at a time when roughly one in four borrowers owe more on their mortgage than their home is worth. Principal reductions have been done on a voluntary basis by banks, often on a limited basis. The deal resolves civil government lawsuits over faulty foreclosures and servicing misconduct. The banks involved in the deal are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup Inc and Ally Financial Inc. Although the deal with 49 states is the largest joint federal-state settlement ever obtained, the amount is miniscule compared to the declines in home values and the banks still face a host of other mortgage-related lawsuits. "The bottom line about this settlement, is it's okay, it's a step forward, it's a step in the right direction. But let's not kid ourselves, there's a hell of a lot more that needs to be done," said Ira Rheingold, executive director of the National Association of Consumer Advocates. The deal does little to ease bank investor fears, industry analysts said. "We believe any initial euphoria over the deal will quickly fade as investors realize the flood of additional mortgage-related litigation that the major banks face," said Guggenheim Partners analyst Jaret Seiberg in a note on Thursday. The U.S. Justice Department, the Department of Housing and Urban Development, and a handful of state attorneys general announced the deal at a news conference in Washington. Some large states, such as California and New York, joined at the last minute. "This historic settlement will provide immediate relief to homeowners - forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers," said HUD Secretary Shaun Donovan. (Reporting By Aruna Viswanatha, Rick Rothacker, and Jim Vicini; writing by Karey Wutkowski; Editing by Gerald E. McCormick and Tim Dobbyn)

full story >>

Lenders paying delinquent homeowners to complete short sales

Bloomberg is out with a piece on banks offering cash to homeowners to complete short sales.

full story >>

CoreLogic: Florida leads nation in foreclosure inventory

Florida has the nation’s highest foreclosure inventory, according to a report Wednesday from CoreLogic, a California research firm.

full story >>

Lawsuit: Citizens Property Insurance charges too much

TALLAHASSEE -- Citizens Property Insurance, the state-run insurer that covers nearly 1.5 million Florida homes, uses a home-valuation method that results in policy holders paying up to twice as much as they should in premiums, according to a lawsuit filed Tuesday.

full story >>

Florida House takes step to shrink state-run insurer

The Florida House last week passed a measure that would allow less regulated surplus lines insurance carriers to take over policies from Citizens Property Insurance Corp.

full story >>

Is the housing market still making you miserable? | Poll

For the second year in a row, the housing crisis helped West Palm Beach, Fort Lauderdale and Miami land on Forbes magazine's list of the nation's most miserable cities.

full story >>

How to beat the competition and buy a foreclosed home

Start with your best offer and consider bumping up the deposit

Finding a bank-owned home these days is hard enough. Actually buying one is an even bigger burden.

full story >>

Will Obama's new mortgage plan make a difference?

Board-certified real estate attorney Gary M. Singer answers housing questions in this space each Friday. To ask him a question about short sales, mortgages, refinancing, homeowner's associations or any other residential real estate topic, click here.

full story >>

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