Orlando florida foreclosure prevention and predatory lending
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Orlando, Florida Foreclosure Prevention and Predatory Lending. Lelia W. Allen, Director Housing and Community Development June 19, 2008. How Bad Is It?. 13 th in nation* Orange County: 70 filings per day 30% proceed into foreclosure May 2008 report: 258 in Orlando city limits

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Orlando, Florida Foreclosure Prevention and Predatory Lending

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Orlando florida foreclosure prevention and predatory lending

Orlando, FloridaForeclosure Prevention and Predatory Lending

Lelia W. Allen, Director

Housing and Community Development

June 19, 2008


How bad is it

How Bad Is It?

  • 13th in nation*

  • Orange County: 70 filings per day

  • 30% proceed into foreclosure

  • May 2008 report: 258 in Orlando city limits

    *Orlando Sentinel – June 8, 2008


Who is impacted

Who is Impacted?

  • New Middle Income Homeowners

  • Long Term Lower Income Homeowners

  • Investors

  • Renters


What is the impact

What is the Impact?

Erosion of Property Standards

Declining Property Values

Florida Amendment 1


Florida amendment 1

Florida Amendment 1

  • Amendment 1 is a constitutional amendment, which among other things, addresses the assessment of property taxes by the state

  • Amendment 1 passed on January 29, 2008

  • Amendment 1 contained four (4) main provisions


Florida amendment 11

Florida Amendment 1

  • Doubles the existing homestead exemption from $25,000 to $50,000

  • Save Our Home is maintained and increased up to $500,000

  • Creates a new exemption for the first $25,000 of assessed value for tangible personal property (rental property)

  • Put a cap of 10% per year on how much the assessed value of non-homestead property can increase


City of orlando s response

City of Orlando’s Response

More stringent underwriting in the Downpayment Assistance Program

Expand housing counseling services

Provide Financial Assistance

Enforcement of Code Violations

Education


City of orlando s response1

City of Orlando’s Response

  • Understanding

    the Process

  • Identifying the options

  • Identifying

    local resources


City of orlando s response2

City of Orlando’s Response


The partnership

The Partnership

  • Mortgage Counseling and Credit Center

  • Freddie Mac

  • HUD

  • Legal Aid

  • Local HUD approved housing counseling agencies

  • Local Lenders


Seminar results

Seminar Results

Approximately 200 attendees

Approximately 40 loan workouts with lenders

City financing used to bring 4 loans current


Next steps

Next Steps

Continue relationship with lenders and housing counseling agencies for educating residents

Work with homeowner associations to monitor property standards

Use code enforcement powers to improve property when necessary


Orlando florida foreclosure prevention and predatory lending

Q & A


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