BANK OF AMERICA EMPLOYEES TOLD TO LIE

Recent news article state that according to sworn testimony by six former employees of Bank of America who explain what they  saw behind the scenes while Bank of America was processing loan modification for homeowners allege that that Bank of America routinely denied qualified borrowers an opportunity to modify their loans to more affordable terms and instead placed them in programs that  paid cash bonuses to bank staffers for pushing homeowners ...
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Florida’s Emerging “Rocket Docket”

When Florida’s Governor Rick Scott signed House Bill 87 (“the foreclosure Rocket Docket bill”) he did not realize he was potentially giving foreclosure defense attorneys more weapons in their arsenal to delay foreclosures.  “The foreclosure Rocket Docket bill” was passed into law to deal with Florida’s prolonged and troublesome foreclosure process. It was aimed to streamline the foreclosure process by enacting reforms at the legislative level to ...
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Short Sales vs. Traditional Sales

In a short sale, the homeowner owes more on the mortgage than the market value of the home.  Thus, the sale price of the property will be less than the value of the note creating a loss for the bank and requiring its approval before closing can occur and title is transferred from seller to buyer. There are many ways in which a short sale and traditional sale are similar. Both require a written purchase contract, with the exception of ...
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HOW LONG DOES THE LOAN MODIFICATION PROCESS GENERALLY TAKE

If you applied for a loan modification and have not heard from the bank after a couple of months, you’d tend to get a little nervous and perhaps even annoyed. With this in mind, many homeowners ask us, “When will the bank advise me as to whether I am going to get a modification or not?” and “What should I do while I’m waiting?.” How long does a loan modification take? The loan modification process typically takes six (6) months to nine (9) ...
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BOTH BANKRUPTCY AND LOAN MODIFICATION IN FLORIDA

Many potential bankruptcy debtors’ question whether or not filing bankruptcy is the right option for them because they wish to save their property and modify their loan.  If you have been faced with this question, the answer is yes, you may still modify your loan even after you have filed bankruptcy. When filing bankruptcy a debtor has the option of reaffirming the debt or surrendering the property. Many times, even though you chose to surrender ...
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Short Sale Misconceptions in Florida

A short sale allows a homeowner to sell a home where more is owed than what it is worth. Unfortunately, many short sale misconceptions have developed.  It is important to clarify these misconceptions. Misconception #1 - Banks would rather foreclose than work with a short sale. The reality is that the foreclosure process in Florida can be extremely costly for banks.  Banks would rather work with homeowners who are experiencing financial ...
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Foreclosure Lawsuits by Lender Now Employ an Order to Show Cause

Florida Statute 702.10 was enacted to allow foreclosure Lenders a procedure by which they may attempt to expedite the foreclosure process when they serve the homeowner with a foreclosure lawsuit.  Following the procedure of Florida Statute 702.10, once the Lender serves you with a foreclosure lawsuit, the Lender must file a motion for an Order to Show Cause and then the Court will enter an Order requiring the homeowner to appear in court and ...
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FHFA New Streamlined Modification Program

The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac will offer a new, simplified loan modification initiative to minimize losses and to help troubled borrowers avoid foreclosure and stay in their homes. Beginning July 1 2013, servicers will be required to offer eligible borrowers who are at least 90 days delinquent on their mortgage an easy way to lower their monthly payments and modify their mortgage ...
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Foreclosure Situation is Not Getting any Better

Although the housing market is showing signs of recovery, other indicators show the foreclosure crisis is getting worse. In a September interview with U.S. News, Austan Goolsbee, the former chairman of the Council of Economic Advisers, said, "I think there's a lot wrong in the housing market. If Fannie and Freddie would start enabling people to rent out the vacant homes, that would also help." Some interesting foreclosure facts: 1. The mortgage ...
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SHORT SALES IN FLORIDA

Short sales in Florida occur when a homeowner who can no longer afford to pay for their mortgage may avoid foreclosure and get out of the debt with minimal financial damage by he selling the property for less than the mortgage amount. Since the lender must accept less than what they are owed in order for a short sale to be approved, it is the lender’s decision whether or not to accept the short sale offer proposed by the homeowner. But, there ...
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