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BBX Capital Corporation Message Board

  • centurionguy26 centurionguy26 Aug 8, 2012 1:53 PM Flag

    hey free speech want to learn how things really work???

    I have learned reading things and understanding them isn't your stong point but I figured since you claim to work in/around foreclosures you should at least have a basic understanding........so here is my good deed for the day LOL

    What happens after foreclosure? Most of us know that foreclosure is the process through which a lender takes legal ownership of a home to recover the cost of an unpaid mortgage. It’s an ugly situation that no homeowner wants to find himself in, but that’s becoming more and more common as the nation’s housing crisis deepens. In fact, hundreds of thousands of foreclosures are filed by lenders each month, and that number is growing. Most people try to stop the loss of their home to the bank, either by working out a payment arrangement or selling the property. Very few really know what happens if the foreclosure goes through. For homeowners facing this prospect, this is very important information.

    When a foreclosure runs to its conclusion, one of four things usually happens:

    *The homeowner pays off the mortgage, usually through a refinance, but sometimes through cash. Once the mortgage note is paid off, the foreclosure becomes null and void. The homeowner can pay off the mortgage at any point during the proceedings, right up until the time the bank takes possession of the property.

    *The homeowner sells the property for the full amount of what’s owed on the mortgage. Again, this pays off the loan and stops the bank from taking possession. The house can be sold by the homeowner at any point, right up until the foreclosure auction.

    *The home is sold at a public auction. Depending on the state, this auction may be held on the courthouse steps, at the home, or elsewhere. The highest bidder gets the deed to the property, and is usually required to pay cash.

    *The bank takes possession of the property. This usually happens when there are no bidders on the property at the auction, or no one bids high enough to satisfy the lender. Banks can also take possession of the property through a deed in lieu of foreclosure arrangement with the homeowner (the homeowner gives the deed to the lender on a voluntary basis). Once the bank owns the property, it becomes known as a REO (Real Estate Owned by lender), and the lender is responsible for its upkeep and maintenance. As can be imagined, lenders typically try to sell REO properties as soon as possible, as these are a great expense to them.

    After the foreclosure has been completed, there may be a redemption period in which the homeowner can still reclaim the home. Not every state has a redemption period, so be sure to check your own state laws if you’re facing foreclosure. Redemption periods can last from a few days to a month or more, and you can not be evicted from your home during this time, even if the home has been sold at auction. If you’re able to come up with the money to pay off the mortgage during the redemption period, you get to keep ownership of your home. If your state has no redemption period, then you’ll likely have to leave the house as soon as the foreclosure sale is complete. It’s important to know what happens after foreclosure, so you can be sure your interests are protected and your full rights are exercised during the entire process.

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    • "RealtyTrac officials said the recent data are likely an anomaly and predicted a rise in foreclosure activity in the coming months."

      http://www.miamiherald.com/2012/08/09/2942624/realtytrack-foreclosure-filings.html



      The deals out their will last because even if new foreclosure claims are down, foreclosure activity is up. The banks backlog will drive activity up and the courts backlog will drive activity up. New foreclosure claims can be down but those just get added to the courts backlog anyway. The court backlog is about to start clearing again so a lot of new foreclosed properties are about to hit the market. The CNBC video link I sent before says that this may lower market values. With some banks at only 3% of their probable foreclosures processed, the deals will last for years and years.

    • As always, everything is local. An article today in a Manatee Co. paper said foreclosures were at a 3-yr low yet just south in Ft. Myers they were up ~60%. I think the key is that demand is very high as people realize the deals out there now will not last.

    • The states received additional funds in 2010 to hire help to clear the backlog. In 2011, the funds ran out and the backlog started to refill. More than a year later, in Aug 2012, the courts have now hired retired judges and temporary foreclosure case managers to clear the backlog again.

      Below is a link to the numbers. (The numbers are actually higher now since the article was in March. Even new foreclosures are up 80% in some areas now that the banks are also starting to process more of their foreclosures. They had slowed after the robo-signing issues had to be resolved. They are resolved now and they are resuming the foreclosing on the 95%-97% of their probable foreclosures. (I already sent links to those percentages.)

      http://www.palmbeachpost.com/news/news/real-estate/fla-budgets-4-million-to-hire-more-judges-to-cle-1/nLhTM/

      "The statewide backlog is estimated at 368,000, according to the state courts administrator."
      "The money helped Florida's judges clear 129,615 cases statewide between July 2010 and March 2011."

    • Do you have a link that would show any figures on them?

    • I'm glad you agree about the property. I said the same thing.

      I'd just like to remind everyone that starting this month the courts are going to start forcing banks to go through the current foreclosure backlogs. These have been piling up in the courts since November 2011. So there will be lots of cheap houses hitting the Florida market soon. The CNBC video I posted states that these foreclosures may reverse the improving market. Check the Florida markets again around December and it should show another dip sometime between Sept-Nov.

    • Oh, right... He seems to be made of Teflon when it comes to these things. While it may weight on the value of BBX I doubt it's significant. In any case his related BXG and BFCF cos. are a much better play than BBX, IMHO.

    • I was referring to the SEC's charges against Levan and BBX for securities fraud, which have not been resolved...

      http://www.bizjournals.com/southflorida/news/2012/07/23/bankatlantic-bancorp-victory-in-class.html?page=all

    • One upside is that the legal team of Levin seems to get the main rule...OBEY ALL RULES no more yellow cards,with this new entity. The game plan was outlined in the presentation to regulators and high lighted the Delaware cts ruling..Hopefully this will be a mom and pop investment co and conscionable to both SH regulators and partners involved.,,, sort of like lets play a clean game,or you get a red card..Yesterdays news is over ,lets see if this turns out to be a golden egg...like the early smoke signs clean closing,nice future holding Co and some cash to play with..get us to the playoffs L man..Then you got the bfcf bxg hole cards..Diamond showed us the money and L man has this co in his pocket..Like they say dont screw it up and dont take a cheap penalty Time for bbx to fly the plane..Cheers ..Pax

    • As for the your legal issue claim, it was resolved prior to the BB&T deal:

      "The Federal Reserve reviewed allegations of discrimination in both banks’ lending practices. One consumer complaint was filed in opposition to the deal because BB&T Corporation (NYSE: BBT) and BankAtlantic (NYSE: BBX) allegedly engaged in discriminatory treatment of minorities in home lending.
      However, regulators found those claims were unsubstantiated."

      www.bizjournals.com/triad/news/2012/07/31/why-approval-of-the-bbt-bankatlantic.html?ana=yfcpc

    • Ck the 10Qs and you'll see BBX did numerous write-downs prior to BB&T. BBX is now trading at a ~65% discount to stated shareholder equity per their reporting.

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