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florida loan modification

Homeowners who get bad loan modification terms walk away

by Moe Bedard

William Negron, in his mid-70s, lost his job in car sales two years ago. The possibility of losing their home put “so much stress on him,” said son Carlos Negron. “My mother has been to the hospital twice because of this.”

Relief turned to shock when the Negrons saw the new loan terms: the

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Some loan modification offers suck

by Moe Bedard

William Negron, in his mid-70s, lost his job in car sales two years ago. The possibility of losing their home put “so much stress on him,” said son Carlos Negron. “My mother has been to the hospital twice because of this.”

Relief turned to shock when the Negrons saw the new loan terms: the monthly payment [...]

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Florida foreclosure mediation to begin April 1

by Moe Bedard

Florida’s been hit so hard, foreclosure cases are clogging up the court system. So, state officials have created a new mediation program for borrowers and lenders to streamline the residential foreclosure process.

Borrowers and lenders will sit down with a trained mediator to review the case. This extra step will ensure a fair handling of the [...]

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Homeowners baffled with foreclosure process

by Moe Bedard

Though the bank said they stopped the foreclosure proceeding, she’s still not sure what’s going on or what is going to happen.
Delphine Harrison, a resident at Atlantic Palms who has been trying to help some of the residents avoid foreclosure, said she has passed information along to people but has no idea what they have [...]

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Florida Loan Modification Firms No Longer Allowed to Roam Free

by Moe Bedard

The days of simply opening up shop and starting a loan modification business have come to an end in Florida. Individuals or businesses providing loan modification services must now be licensed as a mortgage broker by the Florida Office of Financial Regulation (OFR) in order to conduct business.

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This is Where You Send Florida Loan Modification Complaints

by Moe Bedard

A.You can complain to Florida’s attorney general.
According to the website: If a homeowner believes he or she has been taken advantage of by a disreputable company, he or she should call the Florida Attorney General’s fraud hot line at 866-9-NO-SCAM or file a complaint online at myfloridalegal.com. The complaint will be reviewed by the Attorney [...]

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Mediation is No Guarantee of a Loan Modification

by Moe Bedard

In fact, some mediators caution foreclosure cases aren’t even true mediations. There’s little to no negotiation that occurs at the table, said Fort Lauderdale real estate attorney and foreclosure mediator Shari Olefson.
In many cases, a homeowner’s finances are simply uploaded into a lender’s

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Florida’s Chief Judge Issues Foreclosure Mediation Order

by Moe Bedard

TALLAHASSEE — Facing the nation’s worst foreclosure crisis, Florida Supreme Court Chief Justice Peggy Quince has Ok’d recommendations from a panel of experts to order foreclosure cases into a new “managed mediation” program where debtors could try to negotiate their way out of losing their homes.
Florida’s court system expects to have nearly half a million [...]

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Florida Loan Modification Firms Must Be Licensed

by Moe Bedard

The days of simply hanging out a shingle and opening up a loan modification business are coming to an end in Florida.
As of Jan. 1, individuals or companies providing loan modification services must be licensed by the Florida Office of Financial Regulation (OFR).
The law was sparked by hundreds of complaints filed with the state attorney

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Florida Loan Mod Firms Will Soon Need a License: It’s About Time!

by Moe Bedard

The clock is ticking for unlicensed companies trying to entice home buyers to modify their mortgages. Or demanding an upfront fee to help them out.
Come Jan. 1, anyone who provides loan modification services must have an active license from the Florida Office of Financial Regulation. The rule is part of a law passed by the [...]

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Florida Attorney General Sends Big Banks a Message

by Moe Bedard

TALLAHASSEE, FL – Attorney General McCollum today sent a letter to the Florida executives of Bank of America, JP Morgan/Chase, Wells Fargo and Wachovia, calling upon the bank executives to provide homeowners with a fair and efficient loan modification process. The Attorney General also requested the executives meet with him to discuss the banks’ responsibility [...]

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Mediation will force banks to be accountable

by Moe Bedard

“The mediation insures a stopgap measure,” Castrataro said. “It insures that the bank will have to listen.”
Castrataro said he’s seen mediation assist clients in obtaining loan modifications, reductions in their principal owed and, in cases where foreclosure cannot be avoided, a significant reduction in the amount of debt they owe long term. He believes mediation [...]

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Florida Judges Consider Foreclosure Mediation

by Moe Bedard

A majority on the high court’s Task Force on Residential Mortgage Foreclosures recommended trying mediation on owner-occupied homes before cases go to court, with lenders picking up the tab. Borrowers would be contacted by phone and mail and asked to participate. The high court did not immediately act on the proposal.
“The data that the banks [...]

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Florida Regulators React to Loan Modification Complaints

by Moe Bedard

With hundreds of Floridians filing complaints about troubles with their lenders over home mortgages, state and federal officials say they’re ramping up efforts to improve the process for borrowers who need a loan modification.
Florida Attorney General Bill McCollum’s office said it is spending $4 million over two years to fund free legal services to homeowners [...]

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Hundreds of Florida Homeowners File Complaints Against Their Mortgage Servicers

by Moe Bedard

The Attorney General’s Office has logged 452 complaints about Bank of America, Florida’s largest mortgage lender, concerning mortgages and loan modifications. With its acquisition of Countrywide Financial last year, Bank of America had almost 82,000 mortgage loans outstanding in Florida worth $15.3 billion in 2008, according to National Mortgage News.
Next largest is JP Morgan Chase, [...]

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Record Number of Complaints Target Florida Loan Modification Lawyers

by Moe Bedard

As the state’s foreclosure crisis continues, loan modification and foreclosure defense have been become hot specialties for some attorneys. The state attorney general has received a record 756 complaints through August of this year about loan modifications involving attorneys. That compares with 61 similar complaints in all of 2008.
“There has definitely been a trend in [...]

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Mortgage modifers must be licensed under new Florida law

by Moe Bedard

Homeowners will have more protection beginning Jan. 1. That’s when a new law passed by the Legislature this year will require all unlicensed modifiers, loan originators and mortgage lenders to get a broker’s license through the state’s Office of Financial Regulation.
The statute, which brings state laws in line with the 2008 federal mortgage licensing act, [...]

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Florida task force urges foreclosure mediation

by Moe Bedard

MANATEE — Florida should require mediation between mortgage lenders and borrowers to help courts better manage the crush of foreclosure cases and improve borrowers’ chances of keeping their homes, a judicial task force is recommending.
Read more from the Bradenton.com

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