Category: Foreclosure

What is a "Final Judgment" and why should I care?

A final judgment is the Judge’s final decision in a case as recorded in the files stored in the Office of the Clerk of Courts. The name for the party that sued you and obtained the judgment is “judgment creditor.” The judgment creditor can obtain the right to proceed against your property through a writ

South Florida Bankruptcy Filings Continue to Fall

South Florida bankruptcy filings were down substantially in the 2nd quarter, compared to last year; according to data released by the U.S. Bankruptcy Court for the Southern District of Florida. Personal bankruptcy filings (Chapter 7 & Chapter 13) in Palm Beach, Broward, and Miami-Dade counties totaled 7,194. This is from April through June of 2012;

Florida Grabs a Chunk of Foreclosure Settlement Money for State Budget

Out of $334 million in cash payments sent to Florida in a multibillion-dollar mortgage settlement with major banks, more than $33 million will help strengthen the state's budget. In fact, Florida is one of several states taking a portion of the $2.5 billion in cash payments from banks. And, Florida is using it for programs

Lenders Prefer Short Sales to Foreclosures

Short sales are exceeding the number of foreclosure sales in South Florida. Broward County had 1,831 short sales in the first three months of 2012, compared with 1,476 foreclosure deals. On a quarterly basis, this is the first time short sales have outnumbered foreclosures in Broward since early 2008. Short sales also exceeded foreclosures in

Voluntary Dismissals and Foreclosure Paperwork Irregularities Examined

The Florida Supreme Court got a request. It has to do with the prevention of lenders from escaping sanctions for using fraudulent documents by filing voluntary dismissals. The issue is whether courts have the authority to reject the voluntary dismissals of the cases. And, instead impose sanctions, including dismissing the foreclosures with prejudice. Attorneys asking

Forced Placed Homeowners Insurance Policies

If you think your homeowners insurance is too expensive, then you would be interested to hear Mark Kunzelmann's story. Mr. Kunzelmann is a 49-year-old network specialist. Just over a year ago, he let the policy on his four-bedroom, North Palm Beach home expire. But you would not believe what the oversight, which was later remedied,

National Mortgage Settlement

National Mortgage Settlement seems to take some time. As part of the national mortgage settlement signed in March of 2012, Chase, Bank of America, Citigroup, Wells Fargo, and Ally Financial have agreed to offer at least $10 billion in loan forgiveness or principal reduction. In fact, they are offering it to an estimated 11.1 million

Nationstar Buying up Mortgage Servicing Rights

Bank of America Corp. has released roughly $10.4 billion in residential mortgage-servicing rights to Nationstar Mortgage Holdings Inc.; as Bank of America looks to alleviate a portion of its mortgage-servicing obligations. This is only a small piece of more than $430 billion mortgage-servicing rights or MSRs. This then makes Nationstar the largest non-bank mortgage servicer

Stripping an Unsecured 2nd Mortgage in Chapter 7 Bankruptcy. Can it be?

Previously, lien stripping was something that could only be done in Chapter 13. However, a recent opinion from the 11th Circuit has changed that rule. Here, a Chapter 7 debtor in Georgia sought to strip off a second mortgage that was totally unsecured. The 11th Circuit reversed the Bankruptcy Court. And, they found that the

What does it mean to "surrender" your home in bankruptcy?

When you surrender your home, that is assets or belongings in Chapter 7 Bankruptcy, you’re doing nothing more than indicating a willingness to let it go. You’re not actually giving it away to anyone. By filing for Chapter 7 Bankruptcy, you are attempting to discharge your obligation to pay certain debts. In return, you agree