$3.4 Million Dollar Jury Verdict In Las Vegas For Wrongful Foreclosure

By Carmen Dellutri on Janaury 28, 2009 A Las Vegas Jury recently awarded a family $3.4 million in a wrongful foreclosure case.  As you can guess, this wasn’t your everyday foreclosure.  It kind of reminds you of the McDonalds hot coffee case.  After testimony, the Jury found that Countrywide Home Loans, Inc. wrongfully foreclosed on the Plaintiff’s condo and awarded the Plaintiff $922,690 in compensatory damages and $2.5 million dollars in ...
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Florida Fair Lending Act

The Florida Fair Lending Act, Chapter 494, Florida Statutes, prohibits predatory tactics on high cost home loans, including: * Charging prepayment penalties for longer than three years * Increased interest on loans going into default * Balloon payments on loans that mature in less than 10 years * Extending credit regardless of a borrower's ability to pay * Making direct payments to home improvement contractors * Calling a loan due even ...
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Bankruptcy

Individuals can file for bankruptcy in a federal court under Chapter 7 ("straight bankruptcy", or liquidation) or Chapter 13 (a "consumer reorganization", or debt adjustment case). (Although individuals can technically file Chapter 11 bankruptcies, those filings are rare. They typically happen if the individual's debt load is too high for a chapter 13 and they do not qualify for a chapter 7). In a Chapter 7 bankruptcy, the individual is allowed ...
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Condo Deposit Recovery

There are various legal requirements that a Florida condo developer must comply with in order to offer for sale condo units and if your developer fails to carefully follow some of these legal requirements, you may be able to terminate your contract for purchase. For example, under the Interstate Land Sales Full Disclosure Act ("ILSFDA") or Florida law, you may have the right to terminate the contract for your pre-construction condominium or ...
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