Unpaid Mortgage debt May go to Collections

Unpaid Mortgage debt May go to Collections

According to The Los Angeles Times (Oct. 13, 2013)

Fannie Mae and Freddie Mac have stepped up their program to collect unpaid mortgage debt from “strategic defaulters”. The term strategic defaulter was coined for homeowners who opt to default on their mortgage even though they had the ability to pay.

The Federal Housing Finance Agency (FHFA) that regulates Fannie and Freddie is pushing them to pursue judgments against the homeowner forcing him or her to pay the deficiency after a home is sold thru foreclosure. This will take place if a home is sold at a foreclosure but the proceeds does not cover the outstanding balance of the homeowner’s loan..

 So far, the office says it has identified about 58,000 foreclosures that Freddie Mac did not refer for collection – and estimated deficiency of about $4.6 billion.

 Some states do not allow deficiency judgments, but in more than 30 states and the District of Columbia, they’re permissible. Florida is one of the states that allows Fannie Mae and Freddie Mac to seek repayment of lost funds.

 
Ainsley Daux is a Licensed Realtor in Florida, he specializes in short sales, working with first time home buyers, working with investors, and selling Florida Homes.

 Ainsley  Daux

Lic Realtor
Florida Realty
(813)546-1954

Just Sold Brandon """HUD HOME"""I did it Again

Just Sold this magnificent Brandon HUD Home  to a Happy Buyer. HUD homes are residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.
This home boast 3 bedroom 2 bathrooms a garage, over 1000sq ft and centrally located.
Please call or message Ainsley Daux to help you with your home search.
Thank you,

Ainsley Daux
Florida Realty
(813) 546-1954

'''Florida has the Highest Forclosures Rate'''

Interesting news.!!!!

Despite the fact that the Florida Market has shown major improvements in prices and sales volume, Florida has the largest foreclosure volume in the Nation…..Make you say ”Hmmm” according to CoreLogic, no other state was even close.

 The foreclosure fiasco has been going on for 5 years and there is still a s ugh amount of foreclosures, so what about all the modification that were supposed to take place. Stay tuned for that UPCOMING  post.

During the last 12 months, 17% of all foreclosures were in Florida; according to the Irvine, Calif.-based data firm 111,000 of the 658,463 foreclosures were in Florida.

 Michigan ranked No. 2,60,000 foreclosures, and

No. 3 California wrapped up 58,000 proceedings during the period.

No. 4 Texas, with 43,000 foreclosures finalized, and

 No. 5 Georgia, where 40,000 were finished


According to, Corelogic s7.9 percent of mortgaged homes in Florida were in some stage of foreclosure in August. New Jersey ranked second among the states, with 6.2 percent of all its mortgaged residences in foreclosure. New York had 4.9 percent; Maine, 4.0 percent; and Connecticut, 3.9 percent.

Florida also had the highest rate of seriously delinquent mortgages in August with 12.4 percent of its mortgages past due for 90 days or more. That was more than twice the national delinquency rate of 5.3 percent of loans, Corelogic said.

Is it the banks responsibility to keep owner in their homes? That’s an argument that has been going on for years.

Ainsley Daux is a Licensed Realtor in Florida, he specializes in short sales, working with first time home buyers, working with investors, and selling Florida Homes.


Ainsley Daux

 Florida Realty

Lic Realtor

(813)546-1954

""""""Just Sold Town-n Country condo""""""""

                                                   JUST SOLD

Just sold a condo located in the desired community of the Greens in Town n Country.
The condo was in immaculate condition and provided a great view of the pool. It boast 1 large bedroom a remolded bathroom, a hugh family room and much more.
I provided my expertise and negotiated a great deal for my buyer.
For my more information, please feel free to call or email.
Thank you,

Ainsley Daux
Florida Realty
(813) 546-1954

"""""""""Proposed Flood Insurance Change"""""

Proposed changes to Flood Insurance law could go into effect October 1st, 2013 if passed.

 

According to FEMA: 

 

1) Owners of non-primary/secondary residences in a Special Flood Hazard Area (SFHA) will see 25 percent increase annually until rates reflect true risk.

2) Owners of property which has experienced severe or repeated flooding will see 25 percent rate increase annually until rates reflect true risk.

3) Owners of business properties in a Special Flood Hazard Area will see 25 percent rate increase annually until rates reflect true risk. 

 

4) Owners of primary residences in SFHAs will be able to keep their subsidized rates unless or until:

     * You sell your property; 

     * You allow your policy to lapse; 

     * You suffer severe, repeated, flood losses; or
     * You purchase a new policy.

 

5) If you live in a community that adopts a new, updated Flood Insurance Rate Map (FIRM), discounts - including grandfathered rates -- will be phased out. This will happen gradually, with new rates increasing by 20% per year for five years. Implementation is anticipated in 2014.

 

If you have any additional questions or concerns, please contact a local Insurance Agent.

 

Thank you,

 

Ainsley Daux

Florida Realty

(813)546-1954