Florida lenders put hold on foreclosures for next 45 days

Gov. Charlie Crist of Florida talks with reporters at the State Capitol in Tallahassee, Fla., on Monday, Nov. 24, 2008, about Florida's economic challenges. The governor said he has been considering ways of declaring a moratorium on home foreclosures, at least during the holidays. Crist said he's not sure if he has legal authority to do so, or whether the legislature would have to act on the idea.

Bill Cotterell, Tallahassee Democrat/The AP
Published: Monday, December 1, 2008 at 12:52 p.m.
Last Modified: Monday, December 1, 2008 at 12:52 p.m.

TALLAHASSEE, Fla. Two groups of Florida lenders will voluntarily agree not to file new foreclosure petitions on primary homes for the next 45 days.

The Florida Bankers Association and the Florida Credit Union League made the announcement Monday in a press conference with Gov. Charlie Crist. They also volunteered not to schedule foreclosure sales during that period.

Florida has the country's third highest foreclosure rate, and the grace period is a recognition of tough economic times. It doesn't affect foreclosure proceedings that have already begun and doesn't apply to businesses or second homes.

Florida Bankers Association President Alex Sanchez encouraged anyone who is having trouble paying their mortgage to meet with their banker to try to work out a repayment plan.

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