Foreclosures are soaring while banks are suffering losses from short sales. The story of Drew Schlosser is one of many. For two years he tried to sell his condo unit in Punta Gorda, Florida having 3 bedrooms facing a water body. Recently it went through Wells Fargo who has given the nod to accept a [...]

Manuel Sanabria is determined not to be bogged down by life’s misfortunes. Once a Mariner in Iraq, the man returned to Florida only to find his home foreclosed and debt piling up. His home will soon be auctioned and he along with his wife will move to his mother-in-law’s home. Twenty five year old Sanabria [...]

In Georgia the foreclosure situation is grim with one out of every eight mortgages being affected. Budget cuts have further aggravated matters. The resources that the state had for helping the victims are now shrinking. Most of the staff so far employed in handling mortgage problems has been given marching orders. Now there is only [...]

According to the Monitor Bank Rates Website, when home sales were increasing by double digits and practically anyone could get a mortgage without trouble. There was literally a shortage of foreclosure properties from which to choose. Today that is no longer the case, especially in California, Florida and Texas where there is a large amount [...]

Despite the various governmental and other measures foreclosures continue to surge in February 2009. It is a spike of 30% from what it was in the same month in 2008. Lenders too have imposed moratoriums on foreclosures but this does not seem to have reduced the number of foreclosure postings. The number of borrowers facing [...]

Florida Supreme Court is overburdened with foreclosure cases and is calling for 68 new judges to manage the pile. The cases also relate to increasing criminal activities arising from abandoned foreclosed units. The Supreme Court made this report to the Legislature. The request is for additional 29 circuit judges and 39 county judges. No new [...]

Despite the stimulus rolling in, Florida is facing budget crunches and the situation is grim. Although there have been cuts in property taxes, changes in insurance rules as well as foreclosure relief attempts, it is a tough job for budget writers. The boom years have receded to a foggy past. On Tuesday 3rd March the [...]

The scene in courthouses is awesome – the courts are staggering under the weight of foreclosure cases. Lee County courtroom depicts a typical scene. The judge asks the defendant if he or she is current in mortgage payment. The answer is invariably negative. Next the judge wants to know if the accused is living on [...]