Steps Taken For Foreclosure Prevention By Hope

Posted on April 30, 2008
Filed Under Foreclosure Homes |

HOPE of the Florida Home Ownership Promotes the Economy has made a list of all the suggestions made by Governor Charlie Crist. It is expected that these steps will rein in the rising number of repo homes.

For this steps have been taken by HOPE. The focus of the group is on preserving the houses that are the homes of families, preventing foreclosures and giving protection to the consumers The governor has suggested, amongst other things, that lenders and their representatives should sincerely work all alternatives before taking the final step of initiating foreclosure proceedings. All the resources should be utilized for this one purpose – avoidance of foreclosures. The group also wants to centralize the workings of the Home Ownership Preservation Center so that people wanting help can find all their needs centralized at one point.

The call of the hours is increasing the level of literacy. This step means creating of a Council on Mortgage Fraud Task Force under the HOPE shield, so as to be able to go on giving guidance regarding laws, regulation, education and prevention of foreclosures.

An important step taken by the task force is to tell the mortgage lenders to inform to the borrowers when they may qualify to take a mortgage other than the sub-prime or any other high cost non-conventional variety.

Crist had had a big role to play in the setting up of HOPE in 2007. He took the help of experts in the mortgage and banking industries as well as the advices of consumer advocates and government personnel. The task force is headed by Lt. Governor Jeff Kottkamp.

Sometimes statistics can be bewildering leading to a confusing question – did repos rise or fall in South Florida in March? The answer depends on the source of information. According to Default Research the numbers were down while Foreclosure.com says that the numbers rose. RealtyTrac says that in Miami-Dade it rose by 3% but decreased by 17% in Broward County and by 3% in Palm Beach. Each firm has its own way of collecting information and defining the notion of repo homes. These are the three top firms in the game and their executives each claim superiority over the other. The process of foreclosure is fluid involving many stages. Moreover one unit may be tagged with multiple mortgages. Not all foreclosures end up in the auction sale. Thus sometimes there is a tendency to double count while the river of foreclosure keeps moving.