Follow this link for a one page concise description of the Principal Paydown Plan we’ve written about in the past (to allow mortgage payments made during a Chapter 13 bankruptcy to go directly to principal thereby reducing the underwater portion of your mortgage). The idea is to encourage homeowners to…
The Bankruptcy Court for the Middle District of Florida, Tampa Division, has recently implemented a mediation program for homeowners wishing to modify their first mortgages. The Orlando Division has had a similar program in place for a year or more and reports a success rate of 70%, unlike the state…
I’ve written previously about the Florida Legislature not renewing the designated funding for residential mortgage foreclosure cases. On July 1, 2011, most counties were forced to curtail or even shut down entire divisions when the money ran out. In response, the Tampa judges in Hillsborough County, Florida put into place…
Over the past few years in our foreclosure defense and bankruptcy practice, we’ve learned a little bit about mortgage modification in Florida and here are some tips and tricks of which homeowners should be aware: Call your mortgage servicer and ask about their HAMP program and participation. Any bank who…
From time to time clients have asked me where I go for information and insight into the mortgage crisis and economic conditions here in the U.S. Currently, my favorite bloggers are: Kurt Denninger at: http://tickerforum.org Calculated Risk at: http://www.calculatedriskblog.com/ Mike Shedlock/Mish at: http://globaleconomicanalysis.blogspot.com/ Jesse at: http://jessescrossroadscafe.blogspot.com/ Max Gardner’s bootcamp listserve…
The ordinary household is drowning in mortgage debt. Sure, some homeowners were reckless, but most were not. Regardless of fault however until the mortgage crisis is fixed and our unemployment is cut in half, our country’s households will continue their downfall. This Thursday, President Obama is to announce some sort…
Let’s put into perspective the recent S&P debt downgrade of the United States. U.S. Tax Revenue: $2,170,000,000,000 Fed. Budget: $3,820,000,000,000 New Debt: $1,650,000,000,000 National Debt: $14,271,000,000,000 Recent Budget Cut: $38,500,000,000 Now let’s remove 8 zeros and compare this to an ordinary household: Annual family income: $21,700 Money the family spent:…
Is that an earthquake in D.C. or could it be: Our forefathers turning over in their graves. The President’s ego collapsing under the weight of all the b.s. or my favorite…. The debt ceiling just collapsed!
All this talk about a foreclosure plaintiff needing to have proper standing, chain of title and assignment records reminds us that the same is required, but often overlooked, in credit card lawsuits. In Florida, debt collectors bringing lawsuits for unpaid credit card balances are required pursuant to Florida Statute Section…
Our Florida clients sometimes ask me why they cannot strip off a second mortgage in a Chapter 7 like often done in a Chapter 13 bankruptcy nowadays. The limitation can be found in the United States Supreme Court’s decision in Dewsnup v. Timm, 502 U.S. 410, 417 (1992). The Court…