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6 Figure Checks Headed to Florida Foreclosure Victims This Week

$125,000 checks are now rolling off the presses and out to homeowners cheated out of their homes through fraudulent mortgage lender foreclosure practices. So will you get one, how can you find out what you are owed and what’s in store for those still stuck in their Florida homes?

According to the Office of the Comptroller of the Currency $4.2 million Americans ought to be expecting checks in their mail boxes in the next few days. As part of the giant multi-billion dollar mortgage settlement this money is meant to compensate ex-property owners for mistreatment by the big banks and mortgage servicers.

Sadly, only around 1,100 individuals in the whole country are to be given the maximum amount of $125,000. Some will receive $500 to $50,000 depending on how their cases are classified. Most will simply be pawned off with checks for a measly $300.

Not sure where you fall into this group and how much money you should be anticipating? Contact a Florida foreclosure defense lawyer to find out what you are owed.

If you’ve been passed over for this payout a local lawyer can help you determine what your other options are and what your best moves are.

Unfortunately, those still in possession of their homes or even just titles to it aren’t necessarily going to make out any better.

Why not?

A new study by home listing and data compiler Zillow predicts that housing prices have been climbing too fast, creating a new housing bubble, and indicating a significant fall in U.S. home values ahead.

Based on current home prices and borrowing costs Zillow suggests U.S. homes are already less affordable than they were a couple decades ago. Of course rising interest rates and lender fees will only add to this and drive the bubble to bursting a lot sooner than most could fathom.

San Jose, San Diego, LA, Portland and Denver have been dubbed among the most overpriced cities in the current market but while these may among the first and hardest to fall South Florida could see even worse consequences, especially due to the huge amount of speculation by investors going on recently.

In fact FL could see the worst declines in home values over the next couple of years as the housing market crumbles like a house of cards. Even if rates don’t go up significantly in the short term the latest data shows foreclosures and shadow inventory has been ballooning. It’s not just creeping up either; RealtyTrac puts this at almost 90% over the last 12 months on a state level, with some South Florida counties seeing shadow inventory soaring over 200% since last year.

If values do begin to fall it will be the beginning of the end in a big way. There will be no more confidence, most of the jobs regained recently will be lost, and serious economic fallout will spread.

So if you still own Florida property, owe more than your home is worth or are struggling to keep up with payments contact a local Florida foreclosure defense lawyer to discover an exit strategy that works for you now…

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July 22, 2013 This post was written by Categories: Uncategorized Comments are off for this post

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