As lenders and lawmakers try to fix the bad credit Florida mortgage mess, the number of residents falling into foreclosure continues to rise. (more…)

Christopher and Cathy Comerota bought their Cape Coral home in December 2003 just as the boom in Florida housing prices was taking off. But now they’re looking foreclosure in the face.

They’re not alone. (more…)

As state lawmakers rush to reform lending practices that have contributed to a recent surge of national and Florida home mortgage defaults and foreclosures, consumer advocates say these efforts fall short of what is truly needed: a federal law protecting home buyers.

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As an office manager of a non-profit credit counseling firm in Pensacola, Terry Daniell helps people repair credit and avoid Florida mortgage foreclosure.

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As we’ve been reporting for a couple weeks now, mortgage lenders across the country and within the Florida housing market are reacting to the troubles caused by subprime lending.

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It was the best and it was the worst of times in the Treasure Coast last month. Falling home prices and rising Florida mortgage payments pushed hundreds of homeowners into foreclosure, the Palm Beach Post reports.

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Banking regulators may push more homeowners into foreclosure by making it tougher to refinance Florida mortgages, said Angelo Mozilo, head of the largest U.S. home-loan lender.

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With large numbers of homeowners falling behind on their mortgage payments, home loan providers in Florida and across the country are seeking new, creative ways to keep delinquent customers out of foreclosure.

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Across Florida, the American dream slips away from once-hopeful homeowners. Florida mortgage foreclosures led the nation in February, and represented the second-highest ratio of subprime loans, which often target people with poor credit or allow buyers to take on more than they can afford.

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Freddie Mac and other major lending institutions are taking steps to assist troubled current owners, while also ensuring that future borrowers are not ensnared in bad credit Florida mortgages.

That’s a good thing. But it’s also a complicated line to straddle.

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