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All Posts Tagged Tag: ‘Florida Foreclosure’

Still a Very Real Problem….

The media has recently began to report on positive economic statements. For example, nationally, the country added over 250,000 new jobs in the last report, auto sales in 2014 were the highest that they’ve been since 2006 and the stock market spent several days closing over the 18,000 mark. Surely, these are signs that the recession is getting better. What the media doesn’t report are local and personal statistics. The typical American family hasn’t seen an appreciable increase in household income in years. The challenges that a typical household faced in 2014 have followed them into 2015. Closer to home, Florida continues to rank as one of the states with the highest foreclosure...

The Good, The Bad, & The Muddy -The New Rolling Statute of Limitations

A recent ruling by the 5th District Court of Appeal has thrown into question longstanding case law that established a five-year statute of limitations on foreclosures, leaving many people wondering if the new ruling could apply to them. In short, the answer is maybe. The ruling pertains to foreclosures with a very specific set of circumstances. But given the number of foreclosures in which a lender files, and then dismisses a case because of faulty or incomplete paperwork, many are likely to have similar situations. Courts previously have relied on case law establishing the five-year statute of limitations, and in 2012, a ruling out of the 3rd District Court of Appeal in Miami, the...

2014 Mortgage Rules Could Provide Recourse Against The Modification Run-Around And Dual-Tracking

A law that took effect in January will open the door for thousands of people to be able to seek recourse against their mortgage lenders and loan servicing companies whose tactics made it difficult or impossible to work through modifications or defend themselves against foreclosure. The Dodd- Frank Act was signed into law in 2010 but significant portions that change how mortgage lenders and servicers do business has become effective just this year.  The rules are designed to protect homebuyers from risky mortgages and shady mortgage practices.  Anyone wrestling today with a lender or loan servicer may be able to sue for damages. The changes require lenders to provide the borrowers...

Foreclosure Filings Down By Almost Half – Are We Recovered?

The Palm Beach Post reported this week that foreclosures are down 49 percent from last year and 9 percent from January. For some, that’s a sign that the real estate industry has improved. But if you’re the person still going through a foreclosure, it likely doesn’t matter what the numbers say. When it’s your home in foreclosure, it doesn’t matter whether the rest of the economy has rebounded, it doesn’t matter whether the courts are clogged, and it doesn’t matter that others have “recovered.” The new numbers make it easy for the general public to believe that troubles are over for the housing industry. That would be naïve. Several other sets of numbers show a...

Foreclosures Drop Below 300,000 But Properties Remain In Distress

So, for the first time since 2008, there are fewer than 300,000 foreclosures in Florida’s courts. The Palm Beach Post reported earlier this week that the number of cases statewide dipped to 299,055 in August, a dip attributed to the fast track foreclosure law that went into effect July1. But don’t let the name fool you. Nothing is moving fast under the new law. Banks, who were supposed to be able to use the new law to speed up foreclosures, have stalled filing new cases because of the new law’s provisions requiring that they attach an affidavit saying they possess the mortgage note when they file. They can’t comply. Some homeowners have been aided as judges push cases forward...

A Win – But Potentially A Big Loss For Homeowners

A recent decision out of the 2nd District Court of Appeals shows that courts in Florida still are more concerned with expediency than the rule of law. The foreclosure case of Deborah Focht v. Wells Fargo resulted in the appeals court reversing Focht’s foreclosure in late September. As in countless foreclosures throughout the nation, this case was overturned on the issue of whether the bank had the right to foreclose – whether it had standing. And as in countless other foreclosures, the bank did not produce the promissory note that establishes standing until months after it had filed foreclosure. While the trial court ignored the defense, the appeals court reversed the case....

Chase Settles Forced-Place Insurance Class Action Suit

A cautionary tale for anyone struggling to pay their mortgage Most people who have a mortgage on their homes pay their taxes and homeowners insurance as part of their monthly payment. For people facing foreclosure or struggling to pay their mortgage, their issue is complicated if they stop paying their monthly payments that include the taxes and insurance. Lenders have the right to buy an insurance policy to protect their asset. And since it’s not in the lender’s interest to shop around, homeowners often got stuck facing exorbitant homeowner insurance rates. In some cases, it’s the additional cost of the forced-place insurance that has caused homeowners to go into...

Weak Jobs Report Underscores Continued High Foreclosure Rates

It probably comes as no surprise to anyone looking for a job that the bulk of jobs available today won’t allow you to buy many big-ticket items, much less support a mortgage. The Labor Department’s jobs report for July 2013 underscored what job hunters are keenly aware of already. There were fewer jobs created than experts thought, and those being created are low-wage, often part-time work. Dan Alpert, managing partner at Westwood Capital, said in an interview with Yahoo Finance’s Daily Ticker that 70 percent of the jobs created in the second quarter averaged $15 per hour. "Really we have become a nation of hamburger flippers, Wal-Mart sales associates, barmaids, checkout people...

Fast-Track Foreclosure Bill Becomes Law

It happened Friday. Gov. Rick Scott signed the objectionable “fast-track” foreclosure bill into law. Beware and be vigilant. Attorneys involved in defending homeowners who face foreclosure will be considering whether to challenge the law as unconstitutional as it erodes property rights in this state known for its property rights laws. But that will take time. Meantime, it is likely that banks will use the expedited process to ram foreclosure cases through the courts before homeowners have time to react. Under the fast-track foreclosure process, a homeowner could be required to mount a defense in as little as a couple weeks. If a lender sends you any documents threatening foreclosure...

Florida Teen Makes an Opportunity Out of the Florida Foreclosure Crisis

A lot of Florida real estate experts and builders agree that the market is starting to look up. Real estate investors are seizing the opportunity to get their hands on several bank-owned or short sale properties to boost their investment inventory. For one teen investor, this is the prime time to buy. In a CBS News post, a teen by the name of Willow Tufano has taken advantage of the Florida foreclosure crisis with cues from her realtor mother. Already Willow owns one house and is working to purchase her second. As Florida’s youngest landlord, Willow finds opportunities in the countless cheap, bank-owned homes. Willow has been traveling throughout Florida looking at bank-owned homes....
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