Lenders Suspend Florida Foreclosure Activity Over Holidays

At Governor Crist’s urging, lenders have voluntarily suspended Florida foreclosures for homesteaded properties for 45 days.

Palm Coast, Florida – December 4, 2008 – With encouragement from Florida Governor Charlie Crist, the banking and lending industry has announced a 45-day voluntary suspension of mortgage foreclosures for homesteaded properties. The measure does not affect businesses or mortgages on second homes or rental property.
Besides offering some distresses homeowners 45 days of peace from lenders during the holidays, the measure will allow lenders to digest the myriad of information and counter information coming out of Washington regarding foreclosure rescue packages. Hopefully, they will have some of the rescue plans operative when the voluntary foreclosure moratorium expires.
1 reply
  1. George Meegan
    George Meegan says:

    Decline suspended soon too

    If you watch Cramer he has predicted the bottom will be hit June of 2009. The Mortgage rates are finally down to 5% and going lower. The rebound has already started in Southwestern Florida, parts of New Jersey and parts of California. The demand areas will recover first followed by the rest of the country as soon as the employment picks up from government investments in jobs. Toll brothers have two major land buys that will firm up soon as they have offered a price and have the cash to close. The 40% decline over the highs in 2005, has been seen as the point of bottoming. That is an average for the houses in the $450,000 area now that were $750,000. Which is the Toll Brothers typical price range.

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