Florida Foreclosures Stopped - What this really means for you.

Florida banks and mortgage lenders have agreed to stop home foreclosures for 45 days under certain conditions, but the new plan will not provide help to anyone already in the foreclosure process.

Gov. Charlie Crist worked out the agreement with mortgage lenders because he said he wanted to offer hope to struggling homeowners during tough economic times.

Under the deal, lenders are voluntarily suspending foreclosures over the holidays for primary homes, known as homesteads. This is really a temporary freeze to postpone the crisis you need to deal with now. A loan modification by a loan modification attorney can save your home now. Do not go another day worrying over where you and your family will live in 2009.

The homeowners will have to meet certain criteria to qualify for the program: they must show a need for delaying mortgage payments, they must agree to a repayment plan, they cannot have any history of mortgage fraud and the residence must be their primary home. So does this man the program is right for you? Not sure or need guidance on your Florida foreclosure then please call us now.

The Feldman Law Center loan modification plan is for ALL homeowners and does not place strict requirements on homeowners.

Florida has the third highest foreclosure rate in the nation. Gov. Crist says 166,000 households across Florida were in foreclosure last month.

But none of those homeowners will be helped by the moratorium on home foreclosures. Gov. Crist says it impacts only new foreclosures going forward.

He adds that this new assistance is only for people’s primary homes and not for speculators who tried to capitalize on the housing market when it was hot. Gov. Crist says the plan does not include any help for businesses.

A lot of Floridians are already covered by a moratorium by two of the nation’s biggest home mortgage lenders. Fannie Mae and Freddie Mac are halting foreclosures and evictions during the holiday season.

Meanwhile, Florida is moving ahead with plans to distribute more than $540 million dollars to communities that need help dealing with high foreclosure rates. Communities will be able to use the cash to buy foreclosed or abandoned homes and then rehabilitate or resell them. The governor hopes that money will help people stay in their homes and stabilize the rocky housing market.