Recent Posts in Short Sale Category

  • In January 2013, the Consumer Financial Protection Bureau issued several new rules governing mortgage servicers consideration of a borrower's application for loss mitigation which rules became effective on January 10, 2014. Any borrower that is more than 37 days from a foreclosure sale on January 10, 2014 and files a complete loss mitigation application at least 37 days before a foreclosure ...
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  • Today, the Florida Second District Court of Appeal released its earthshattering decision in Focht v. Wells Fargo Bank, N.A. The appellate court is asking the Florida Supreme Court to review the proposition of whether standing in a foreclosure, which has previously been a borrowers #1 defense, can be established AFTER the lender has filed the foreclosure action. It has been a bedrock principal of ...
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  • Sheryl A. Edwards Featured on SNN Local News

    || 23-May-2013

    On Thursday, May 2, 2013, Sheryl A. Edwards was featured on SNN Local News in a segment addressing Florida's foreclosure increase. The news anchor discussed how the American dream of owning a home has become a nightmare for a significant number of people, especially those living in the Sun Coast. SNN Local News reported that Sarasota County has some of the highest rates of people losing their ...
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  • What is a hardship? The answer may surprise you!

    || 21-Mar-2013

    One of the key ingredients to a successful short sale or loan modification is a hardship - the underwater property owner must be able to demonstrate a hardship to obtain a waiver of deficiency or loan modification with a reduced payment. Many of our clients who feel "stuck" with their underwater property do not realize that they are experiencing circumstances that would constitute a ...
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  • 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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  • 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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