Florida Mortgage Modification Lawyer Blog

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 " »