The Real Deal Miami

Handshake deal gets foreclosure halt

December 03, 2008 10:27AM

Governor Charlie Crist announced that many Florida banks have agreed to
voluntarily delay scheduling foreclosure sales of homesteaded homes for
45 days. The non-binding resolution is a less dramatic action than the
90-day ban Crist sought to impose, but the volunteer effort has broad
participation and the backing of the Florida Bankers’ Association. Bank
of America, Countrywide, JPMorgan Chase and Citigroup already
announced similar delays or internal company-wide moratoriums. The
delay extends only to banks that are members of the Florida Bankers’
Association, which declined to release its roster Monday.
Out-of-state banks that own Florida mortgages but don’t belong to the
association will not have to abide by the voluntary delay.