Blog Posts in 2012

  • Everyone who is considering a short sale of their primary residence is currently in a holding pattern waiting to see if Congress renews the Mortgage Debt Relief Act. The Mortgage Debt Relief Act enables Borrowers to avoid paying income taxes on the amount of debt that is forgiven as part of a short sale where the Borrower sells his or her primary residence for less than they owe. Currently, ...
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  • Clock is ticking on Mortgage Debt Relief Act

    || 19-Oct-2012

    Several weeks ago, Florida property owners started to receive mortgage balance reduction offers from the nation's biggest mortgage servicers under the settlement reached earlier this year in the federal government’s investigation into banks’ wrongful servicing of mortgage loans and fraudulent activity in prosecuting foreclosures. Under the terms of the settlement, five of the ...
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  • On May 11, 2012, the 11th Circuit Court of Appeal (whose decisions are binding in Florida) published its opinion in In re: McNeal. In the opinion, the 11th Circuit ruled that a wholly unsecured second mortgage lien can be stripped off of the property in a Chapter 7 Bankruptcy. For those of you not familiar with bankruptcy, in both a Chapter 7 and a Chapter 13, a debtor's obligation to pay ...
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  • Short Sale after Chapter 7 Bankruptcy

    || 16-May-2012

    We are receiving more and more calls from property owners who are wondering why their lender has not finished the foreclosure on their home after the property owner has filed for Chapter 7 bankruptcy and has received a discharge. Typically, in a Chapter 7 bankruptcy in the state of Florida, a borrower and the trustee will abandon any property in the bankruptcy estate that has no equity. The ...
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  • The Florida Supreme Court has been requested to consider a case asking for guidance on the requirements necessary to set aside a foreclosure sale. Generally, a foreclosure sale can be set aside for inadequacy of the prevailing bid at the foreclosure sale. If the bid is grossly inadequate in relation to the value of the property, courts have been able to set aside the foreclosure sale. However, in ...
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