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…
Reboot Your Life: Tampa Student Loan and Bankruptcy Attorney Blog
Financial Bloggers
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…
President Obama’s Mortgage Woes: New Approaches are Necessary
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…
S&P Debt Downgrade Compared to an Ordinary Household
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 it an Earthquake or ?
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!
Proper Standing and Assignment is Not Only Required for Foreclosures, But Also for Credit Card Lawsuits
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…
Why Lien Stripping of a Second Mortgage is Not Available under Chapter 7 Bankruptcy
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…
Principal Paydown Approach Could Drastically Slow Florida Foreclosures
NACBA (National Association of Consumer Bankruptcy Attorneys) responded this weekend to the government’s latest approach to the foreclosure crisis with what I call the Principal Paydown Plan. Rather than turn us into a nation of renters under the recent suggestion that Freddie and Fannie rent their foreclosed properties or sell…
Suggested Short sale Contract Language to Help Avoid Deficiency Judgments
When listing and selling a home in a short sale, homeowners should consider including language to limit recovery of any unpaid amounts by the mortgage company (known as the deficiency balance). In Florida, we recommend this limitation be placed in the Purchase and Sale Contract. This way when the lender/bank…
Florida foreclosure courts shutting down
The special foreclosure courts in HIllsborough county are shutting down the end of this week. Does this mean the foreclosure crisis is finally at an end? Not exactly. In 2010, the Florida legislature approved legislative funding to the Florida court system to help eliminate the backlog in foreclosure cases. Filing…