Florida Mortgage Modification Lawyer Blog

Well it's 2010, and I am wondering what the Federal Government is going to do about the failing Home Affordable Modification Program. (HAMP). When the President ran for office, one of his rallying cries was that he was going to help homeowners stay in their homes by modifying mortgages. The Making Homes Affordable Program was supposed to help 7 - 9 million families avoid foreclosure.

Well if you have ever read anything that I have written, you will know that I am deeply disappointed in the results with the President's Making Homes Affordable Program. On the surface, it seemed too good to be true, and you know what they say about things too good to be true: It usually is too good to be true. Kinda like that mortgage we were promised in 2005 and 2006, that we could easily refinance in two years when the property was worth twice what we paid for it. Hmmm, yea that was too good to be true as well.

Continue reading "Home Affordable Modification Program - A Waste Of Time " »

Government officials are telling us that the recession is over, but the foreclosure crisis is still increasing in Florida and nationwide. Realty Trac released its US Foreclosure Market Report for the third quarter of 2009, which shows that foreclosure filings [including auction sales, default notices and bank repossessions] were reported on 937,840 properties in the third quarter - a 5% increase from from the second quarter of 2009. Significantly, this is almost 23% higher than last year at this time. Estimates are coming in that 1 in 136 US homes are experiencing some type of foreclosure issue. This is the highest that this rate has been since the foreclosure crisis began. The rate for Lee County is said to be 1 in 76 homes – and in some areas is significantly higher.

Florida is in the top 10 states for the highest foreclosure rate during this quarter, and is one of the 6 states [Florida, Ohio, Utah, Georgia, Michigan, Colorado and Illinois] which constitute 62% of the nation’s total foreclosure activity. Many reports have Florida at 4th in overall foreclosure activity in the nation. So even if you’re hearing that the recession is over, unfortunately for us, the foreclosure rates are most definitely not!

Posted by Shannon Houk

If you are wondering if your lender has to modify your loan if they took government funds, the long and short answer is NO. At our offices in Ft. Myers, Naples, and Sarasota, Florida, this is one of the questions we get asked most. Unfortunately, there is no legislation today or government guideline which requires any servicer or lender to modify your loan or reduce principal. CNN recently did a story on"> this issue.

Continue reading "Does My Lender Have To Modify My Loan If They Took Money From The Government?" »

The Dellutri Law Group is in the process of starting another Consumer Law Blog focusing on the Federal Fair Credit Reporting Act. Our Fair Credit Reporting Act Blog can be found at:

www.faircreditreportingactblog.com

When you have a chance, please check it out and provide us with your feedback? It should be active in 7 to 10 days. The Fair Credit Reporting Act Blog will focus on all aspects of Credit Reporting.

Please send any and all comments to eetnoyer@dellutrilawgroup.com

Thank you for your assistance, and remember, we are here to serve the people of Southwest Florida. So please help us help you.

Continue reading "New Fair Credit Reporting Act Blog By Dellutri Law Group" »

New numbers are coming out on foreclosures in the United States. They are not good. More than 13% of homeowners are either behind on their payments or are in foreclosure. Florida is taking a real beating in this economy. Almost 12% of all Florida home loans were in foreclosure, and there are countless more that are late on their payments.

Florida, California, Nevada and Arizona still are leading the way in foreclosures. 44% of all foreclosures are happening in these 4 states. That is shocking. What are their state governments doing about the situation? What is the Federal Government doing about the situation?

Continue reading "13% Of Homeowners Are Delinquent" »

The News-Press published a little article on page B-10 this morning about the amount of bank debt among local banks. It appears that some local banks have significant debt problems. The article compared local banks, and their non-accruing real estate debt, from the second quarter of 2008 to the second quarter of 2009. It's not pretty.

Lee County Banks

First Community Bank of Southwest Florida From: $3 mill To: $14.7 mill
Commerce Bank of Southwest Florida From: $1.6 mill To: $12.7 mill
Busey Bank, N.A. From: $ 14 mill To: $ 33.7 mill

Collier County Banks Highlights:

Hillcrest Bank of Florida From: $1.1 mill To: $21.7 mill
Liberty Bank From: $5.5 mill To: $15.5 mill
Bank of Naples From: $2.5 mill To: $7.5 mill
Royal Palm Bank of Florida From: $6.9 mill To: $19.7 mill
Bank of Florida Southwest From: $17.5 mil To: $ 83.7 mill
TIB Bank From: $19.5 mill To: $57.7 mill
Orion Bank From: $106.8 mill To: $210.4 mill
Florida Community Bank From: $102 mill To: $175.4 mill

These numbers are scary in and of themselves. Just imagine the lost revenue for the banks. How do they continue lending when they are not making ends meet themselves? It's not like there are companies beating down their doors to buy these loans at this time?

Even more interesting is the disparity between Lee and Collier Counties. Is it that more loans in Collier County are going into default? Or, are there less loans in Collier County with higher amounts defaulting?

Continue reading "As Bank Debt Grows Modifications Slow !" »

I live in Southwest Florida. I represent people who live in Fort Myers, Lehigh Acres, Cape Coral, Naples, Port Charlotte and Sarasota in Bankruptcy and Foreclosure Defense. Today I read an article that made me sick. The article stated that nearly 1 out of 4 homeowners were under water on their homes. In October of 2008, I wrote a blog for our bankruptcy blog entitled: How many Southwest Florida Residents' Homes are Underwater?

Additionally, I wrote for the Mortgage Law Network about how many homeowners were underwater nationwide.

Continue reading "Fort Myers, Cape Coral and Lehigh Real Estate: Where Are We Going?" »

The Good News is that new home sales are up across the nation. The Bad News is that Cape Coral, Fort Myers, Lehigh Acres, Port Charlotte and Naples real estate is still in the toilet. May and June 2009 reports indicate that some people are capitalizing on lower interest rates, deflated prices and the Obama incentive of $8,000.00 for a first time home buyer. However, it is not happening here.

In these hard hit areas, new construction is just a blip on the meter. Sales are starting to grow, but the majority of those sales are short sales, which actually crush the home values for the surrounding property owners.

The good news is that while foreclosures have not stalled, they have slowed a little. Why is this good news? Well, I'm glad you asked. It is good news because short sales are eating more inventory than is coming on the market. So, to put it another way, with homes being sold faster than foreclosed homes are coming on the market, it means less inventory out there. Less inventory means the market will slowly turn from a buyers market to a sellers market, which means demand goes up. Wow, this takes me way back to Economics Class at Edison Community College.

Now, the question is: When will Cape Coral, Lehigh Acres, Fort Myers, Port Charlotte, and Naples become sellers markets again. The answer for that question is harder to come by than than winning lottery numbers. But, as always, I will keep you posted on anything interesting.

This post was submitted by Carmen Dellutri, Esq., founder of The Dellutri Law Group, P.A. Currently, the firm has offices in Port Charlotte, Fort Myers, Naples and Sarasota. Mr. Dellutri also sits on the Board of American Board of Certification. Mr. Dellutri is also one of the founders of the Bankruptcy Law Network, Debt Law Network, Credit Law Network, and Mortgage Law Network. Mr. Dellutri also writes for the firm's personal injury litigation blog. Mr. Dellutri also writes for the firm's bankruptcy blog.

Many people in Fort Myers, Lehigh Acres, Cape Coral, Naples, Port Charlotte, and Sarasota are finding themselves making one of the hardest decisions of their lives. Whether they should keep their current home, which may have between $50,000 to $100,000 in negative equity, or should they surrender their homes and rent for a year or two. There are many considerations which need to be resolved before making this decision.

Continue reading "Renting a Home in Fort Myers, Cape Coral, Lehigh and Surrounding Communities " »

The Federal Government wants to pay the mortgage companies to help consumers complete Short Sales and Deeds in Lieu of Foreclosure. Recently, the Obama Administration has set more taxpayer money aside to provide an incentive to banks and mortgage companies to help consumers. Call me silly, but didn't the Federal Government pass legislation which asked the banks and mortgage companies to do this over the past several years. I guess when the Federal Government asks you to do something, you don't really have to do it until they pay you to do it.

So now mortgage lenders like Wells Fargo and Bank of Americawill be paid to help consumers. Is anyone else seeing through the bologna here. This is just another stimulus to help the banks and mortgage companies on the backs of the American Consumer (i.e. you and me). Where are the guidelines on these plans? Did the Federal Government just give a blank check to the mortgage companies and banks?

Continue reading "Government Wants To Pay Banks To Do Short Sales and Deeds In Lieu" »

Foreclosure rates in Southwest Florida are much higher in the last twelve months compared to the year before. It seems Fort Myers, Cape Coral and Lehigh Acres cannot catch a break. Average median home prices are way down and the number of delinquencies (people who are behind, but not yet in foreclosure) is going up, up, up. I'm sure this has something to do with our unemployment rate.

From April 2008 to March 31, 2009 over 45,000 foreclosures were filed in Lee Countyhttp://www.mortgagelawnetwork.com/more-homeowners-are-underwater-on-their-mortgages/, Florida. For the time frame April 2007 to March 31, 2008 approximately 20,500 foreclosures were filed. This is a dramatic increase. But, what is more concerning is the significant rise in the number of delinquencies.

Continue reading "Foreclosure Rates on the Rise in Fort Myers and Cape Coral" »

Attorney John Webb recently joined the Dellutri Law Group as an associate attorney. John will be practicing in the consumer law section of the firm defending foreclosures and other consumer law cases. John will also be bringing causes of actions on behalf of consumers against creditors who violate consumer protection laws. John will be working closely with Shannon Houk, Esq, and Carmen Dellutri, Esq. in pursuing the needs of our clients.

Continue reading "Attorney John Webb Joins Dellutri Law Group" »