A 35 percent decrease in new foreclosure filings can be seen in Broward and Palm Beach counties, showing how the improving economy and higher home prices are benefiting homeowners. In February 2014 Palm Beach County had 342 new filings, February 2015 only 223. Last year Broward County had 690 new filings in February but in 2015 there have only been 448 new filings.
As interest-only periods expire on loans begun during the housing bubble era, 3.3 million homeowners will be facing higher payments during the next four years on home-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled at $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is rising threat over the amount of new defaults due to the new monthly bills increasing an average of $146.
The 64-year-old former teen idol pop star David Cassidy has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Fort Lauderdale where he owns a waterfront property. Mr. Cassidy reported debts included credit cards bills of almost $40,000, a mortgage of nearly $300,000, and a substantial amount in accountant and attorney fees. Judge Raymond Ray is assigned to the case.
The Fourth District Court of Appeal ruled in favor of the homeowner over Deutsche Bank in a foreclosure case over the notice of default. The property that the bank was trying to recover is in Port St. Lucie, one of the cities hit the hardest by the housing bubble; however, the hay the broke the camel’s back came from the mailing address which the notice of default was sent to.
The Fourth District Court of Appeal ruled against HSBC Bank USA in a foreclosure case for lack of standing. The defendants, Donna and Marc Murray, appealed a final foreclosure judgment against the bank with the argument that they failed to validate that the mortgage originator transferred its rights. Judge Melanie May wrote on behalf of the unanimous panel “In this foreclosure puzzle, one of the pieces is missing”.
In a report provided by the U.S. Census Bureau in Washington, D.C. the amount of properties that are inhabited by renters grew by 2 million last year. The number of available properties to rent has fallen 7 percent in the fourth quarter; the lowest is has been since 1993. Since the job market has picked up more young people are about to leave their parent’s home and start their lives.
The biggest bankruptcy attorney in Pennsylvania is now being accused of overcharging hundreds of his clients and misspending thousands of dollars. One victim, Sharon Kaluzny, had to file a Chapter 13 bankruptcy after a tough divorce and caring for sick parents forced her to close down her hair salon in 2006. Ms. Kaluzny paid Mr. Mazzei a $1,000 up front when they met at his Tarentum office in Pennsylvania.