All foreclosures initiated by Florida banks have been halted for the next 45 days under an agreement reached between the state’s financial industry and the state’s Gov. Charlie Crist.
The statewide initiative will pertain to new foreclosure actions, not the 444,000 property owners who already are in the process of losing their properties to Florida-based banks, according to the Miami Herald.
''This is to help people in a time of need,'' Crist told the Miami Herald. ``This is not for somebody who went and bought a bunch of condos in South Florida on the spec market.''
Greater Downtown Miami, considered the epicenter of the state’s condo crash, has seen inventory grow from 11,500 units built between 1963 and 2002, to an astonishing 34,500 units since 2003, according to Condo Vultures® LLC, a Bal Harbour, Fla.-based consultancy that specializes in distressed South Florida properties.
Alex Sanchez, president of the Florida Bankers Association, said borrowers who want to participate in the program should contact their lender to initiate the process. To qualify, a borrower must have “no involvement with mortgage fraud and be willing to enter into a re-payment plan,” according to the Miami Herald.
Peter Zalewski is a principal with the consulting company Condo Vultures® LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ .
Copyright © 2008, Condo Vultures® LLC
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