Florida Mortgage Information, Foreclosure USA, FL Home Loan Trends, Lender

Florida Mortgages : Housing Crisis USA

US Housing Crisis : Article

27 Jun 2012

Florida Housing

Florida Housing Crisis affected thousands of homeowners and business across the state.

Information on mortgages, realtors and mortgage brokers in FL including Florida housing statistics. The major banks are backed up with so many refinances, many raised their rates to slow down volume.

Home buyers who want a good deal in real estate invariably think first about pursuing foreclosures. Buyers have this picture in their mind of a cute little house, surrounded by a white picket fence that is owned by a widowed mom who fell on hard times, but that scenario is generally far from reality.

Sellers stop making payments for a host of reasons. Few choose to go into foreclosure voluntarily.

Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that (s)he can successfully repossess the property. Therefore, through the process of foreclosure, the lender seeks to foreclose the equitable right of redemption and take both legal and equitable title to the property in fee simple.

Via: Foundation Mortgage

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St. Petersburg Pier
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St. Petersburg Pier