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Foreclosure Rule Changes

December 29th, 2009 by flanews

Floridians facing foreclosure will ring in the New Year with a better shot at saving their homes. An estimated 500-thousand Floridians will be in some stage of foreclosure when the ball drops signaling the start of 2010. As Whitney Ray tells us, help from the banks, the courts, and the state could help more people keep calling home, home.

The New Year will bring new tools for borrowers looking to renegotiate their loans. Attorney General Bill McCollum talked Bank of American into being more accessible.

We will see a sizeable number of people come the first of the year, in this state, on the ground, trying to meet face to face with people, said McCollum.

At the stroke of midnight on December 31st, no longer will loan modifying businesses be able to practice without a state licenses. The Office of Financial Regulation is already screening thousands of applicants.

There was some complaints and its yet another portion of the industry that we are tightening up on, said Bill Spann, the Chief of Staff for the Office of Financial Regulation.

Borrowers in danger of losing their homes will have more opportunities to work it out with lenders.

The states highest court is mandating mediation for people who want to stay in their homes.

Negotiations between lenders and borrowers will have to begin soon after foreclosure proceedings have been filed.

Marc Taps represents 450 people trying to save their homes. Taps says face to face meetings work.

Every time Ive gone to mediation and theres been a lender rep there weve walked away with a deal, said Taps.

And more deals being made, means more families get to stay in their homes.

Posted in Housing, State News | 1 Comment »

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