Recent Posts in Strategic Default Category

  • Is the new Florida Fair Foreclosure Act Really Fair?

    || 22-Jul-2013

    On June 7, 2013, Governor Scott signed the Florida Fair Foreclosure Act into law. The Act makes many substantive and procedural changes to how foreclosures are processed by the courts with the intention of speeding up the process. The Act became effective on July 1, 2013 and applies to all new foreclosure actions filed after this date, and with the exception of the provisions of Section 702.015, ...
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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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  • 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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