Back in 2009, the Florida legislature realized that tenants needed some protection from the foreclosure crisis. The resulting Protecting Tenants in Foreclosure Act protects tenants from eviction because of foreclosure on the properties they occupy. These provisions took effect on May 20, 2009, and originally were scheduled to expire on…
Here’s an example in Tampa, Florida this month for one of our foreclosure clients who wanted to keep her house and avoid the possibility of a deficiency judgment: New monthly payment: $933.45 with escrow Old monthly payment: $1,491.35 New interest rate: 4% fixed Old interest rate: 7.75 % fixed Term:…
Here in Florida, our foreclosure defense clients have seen two more excellent principal reduction offers in the past month – both from Ocwen. Both reductions were to the fair market value, maybe even below, and both were reduced over $100,000. Additionally, the interest rates were reduced to 4% for the…
The recent AG settlement among the states’ Attorneys General and the five largest mortgage servicers is expected to be filed any day now. Hopefully then more light will be shed on what exactly the terms are and how they will help Florida homeowners. The Wall Street Journal reported today that…
USF and Occupy Tampa is holding a Foreclosure Teach-In this Saturday March 10, 2012 1:30-4:30. There is no charge and you can also attend via the Internet live feed. Senior Staff Attorney from Jacksonville Area Legal Aid April Charney will be speaking. April has been traveling around the State of…
The Federal Housing Finance Agency (FHFA) that recently approved of HAMP principal reduction for Freddie and Fannie loans has rejected a proposal by the National Association of Consumer Bankruptcy Attorneys (NACBA). The Principal Paydown Plan is designed to amend the bankruptcy code to allow for payments during a Chapter 13…
The Home Affordable Modification Program (HAMP) is being extended and expanded to reach more borrowers- will it be enough to help or an example of “too little too late”? On January 27, 2012, the Treasury department announced the revisions. First, to encourage principal reduction, the Treasury is tripling incentives and…
Nation Mortgage News reports today that Ocwen is on the verge of closing on two large MSR purchases: a $15 billion package of nonprime product from JPMorgan Chase, and a $26 billion deal from Saxon Mortgage. Both could close this month. The $300 billion figure, the company says, excludes the…
Quotation of the Day: “The fundamental issue is that law schools are producing people who are not capable of being counselors. They are lawyers in the sense that they have law degrees, but they aren’t ready to be a provider of services.” Jeffrey W. Carr, General Counsel. At my Tampa,…
Bloomberg today reports that banks are offering as much as $35,000 to delinquent homeowners to sell their home in a short sale. In doing so, the banks avoid the costly foreclosure process especially when their loan documents are questionable and perhaps fraudulently prepared. I imagine we will be seeing a…