Ocwen Foreclosure in Florida? Are You Due a Refund?

Check Out this Article from Florida Association of Realtors!

Ex-homeowners not Applying for Foreclosure Money

 

TALLAHASSEE, Fla. – Aug. 28, 2014 – Just 33 percent of Floridians eligible for a cash payout from Ocwen Financial Corp. after losing their home to foreclosure have returned claims forms as a Sept. 15 deadline to apply for the money approaches.

About 31,035 former Florida homeowners were mailed notices beginning in late June saying they were entitled to a share of the $125 million settlement Ocwen made in December with the nation's attorneys general and the Consumer Financial Protection Bureau.

The settlement is part of a larger $2.1 billion agreement that followed a federal complaint accusing the Atlanta-based mortgage servicer of "premature and unauthorized foreclosures, violations of homeowners' rights and protections, and the use of false and deceptive documents and affidavits, including robo-signing."

To be eligible for the payouts, an ex-owner must have lost their home to foreclosure between Jan. 1, 2009 and Dec. 31, 2012, have lived in the home as their primary residence, and made at least three payments on the mortgage.

But consumer advocates said people may not have received the alerts after relocating years before because of the foreclosure.

Also, notices in previous foreclosure-related claims cases have been confused with junk mail or thought to be scams, said Lynn Drysdale, an attorney with the Jacksonville Area Legal Aid.

"I find that unless you spend an awful lot of time and effort, consumers generally don't understand the notices," she said. "A lot of people are very suspicious."

The Minneapolis-based Rust Consulting, which has an office in Palm Beach Gardens, is handling the claims process. It is the same company that was tapped to manage the $3.6 billion payout to 4.2 million borrowers nationwide who were eligible for restitution checks under the former Independent Foreclosure Review.

The check disbursement for that program suffered several setbacks, including early checks bouncing and an estimated 96,000 borrowers who got checks that shortchanged them on what they were owed.

As of May 1, 122,000 Florida homeowners had yet to cash checks worth $80 million sent by Rust Consulting for the Independent Foreclosure Review.

Ocwen, which has an office in West Palm Beach and specializes in managing high-risk home loans, referred questions about the claims notices to Rust Consulting, which referred questions to the Iowa Attorney General's Office. That office could not be reached late Wednesday.

For more information about the Ocwen claims and eligibility, call 866-783-5382.

Copyright © 2014 The Palm Beach Post (West Palm Beach, Fla.), Kimberly Miller. Distributed by MCT Information Services.

Is Real Estate a Good Investment?

I recently had an interesting conversation with my son about his home value. He actually said  he thought that if he sold his home and moved, that he would rent instead of buy. As a Real Estate professional and a Real Estate investor, I was surprised. Further discussion gave me insight into his thought process.


He bought his Tampa starter home in 2003. While most home
values in Tampa are now above 2003 values, his value has been held down by a large number of recent foreclosures and short sales in his community. Even without the distressed sales, he would have little equity in his home after paying closing costs and professional Real Estate fees. I think he is looking at only the value after the sale and not the long term benefits he had during ownership.

A few things are worth considering when looking at the big picture:

1) Little Change in Monthly Housing Cost - His monthly payment has changed some during ownership due to insurance and tax costs, but in general his payment has stayed the same, while rental rates in Tampa have increased since his purchase.

2) Reduction in Taxable Income - He has been able to write off his mortgage interest and property taxes on his income taxes which has reduced his taxable income. In his case 11 years of tax benefit.

3) Freedom - Freedom to paint and make improvements to his property to make it his own.

4) Recapture of his Down Payment and Potential to Walk-away with Money in his Pocket at Closing - When you rent you are lucky if you get your deposit back and to my knowledge you never have the opportunity to walk away with additional cash in your pocket. 

In my opinion there are many advantages to owning Real Estate and those mentioned above are just a few. Leverage is a key aspect because you control a high value asset while risking only a small percentage of it's value of your own money. Even if my son didn't make a dime on his property, he still didn't spend much of his own money to get into the property to begin with, so there is little if any financial loss.

Apparently I am not alone in my beliefs, according to the graph below most Americans still believe that Real Estate is a good investment. I love being a Real Estate owner and hope to help my son see the advantages! If I can help you or someone you know with your Real Estate needs, please give me a call at 813-230-5804.

 

New Listing at 2912 Whittington Pl, Tampa, FL 33618

This Florida lifestyle home with its versatile floor plan has everything you need for your dream home! For those looking for boat or RV storage, the private parking area may make this just the home for you! A large foyer and views of both your huge formal living/dining areas and your over-sized family room lets you know this home is special from the moment you enter. Your family room has a wood burning fireplace, soaring vaulted ceilings and sliders to your pool area. Step outside to your amazing screened entertainment area with beautiful black bottom pool with spa and a cabana with full bath and built-in outdoor kitchen. The cabana needs renovating, but will be a true luxury when completed. Your kitchen not only has great views of the pool but also has a pass-through to the family room and lanai, a breakfast bar and eat-in space with built-in cabinets and desk. Your master bedroom suite includes mirrored closets with built-ins as well as a private bath with jetted tub, stand up shower with grip bars, double sinks, extra built-in cabinets and a walk-in closet. Secondary bedrooms include a bedroom with double sliding pocket doors that make it an excellent choice for a home office, gym or a playroom and a bedroom with a full private bath. Upgrades like crown molding, chair railing and mirrored corner shelf in the dining room, utility sink and broom closet in the laundry room, a spiral staircase to an over-sized loft with skylight, two closets and a half bath, an end of cul-de-sac and great central Carrollwood location add to the appeal of this home. Call 813-230-5804 to schedule a showing today!

Real Etate Report for Zip Code 33624 - August 2014

Interested in knowing what homes are listed and selling for in zip code 33624? 

Please click on the photo to be taken directly to this interactive report where you can browse descriptions and photos of current active and recently sold listings. Don't forget to check out the schools and community tabs too! Questions? Please feel free to call me at 813-230-5804.

If you would like a report like this for your community, please click 

on "Has the Market Stabilized" below or email me at smithersells@yahoo.com