Many people are aware that, in 2013, the Florida legislature shortened the period within which a lender must start a suit for the mortgage deficiency from five years to one year. What is a 'mortgage deficiency?' This is essentially defined as the amount a court determines is the difference between the value of the real property at the time it is sold and conveyed by the Clerk after the entry of foreclosure judgment and the total amount owed on the mortgage at that time.
FORECLOSURE OF REVERSE MORTGAGES. Some lenders impose rules that are not fully explained to elderly borrowers. This problem is compounded as people age in place and become less likely to carefully read all the mail they receive. Sometime that mail requires prompt response or dire consequences can flow. Some borrowers have found a few lenders' attitude is: You live in your house until, well, we contend that you don't live in your house.
We're still number one!
Yes, the November 2016 ruling in Bartram versus U.S. Bank N.A. will have far reaching consequences. Of course, every ruling from every state's highest tribunal is always noteworthy and weighty, with Florida hardly being excepted.
This long-awaited opinion in Bartram v. U.S. Bank addresses whether the statute of limitations bars subsequent foreclosure actions after earlier foreclosures were dismissed.
For most Floridians and other Americans across the country, home-related transactions are about as amped-up as it gets in life. Emotion often goes into any decision-making process regarding a family dwelling. Excitement easily attaches to property transactions, as does, often, stress.
Imagine you are barely making ends meet and have a mortgage payment coming up in a few weeks. You watch your spending very closely and cut expenses, and think you are in the clear and can cover your mortgage when a pipe bursts in your house. All that money you saved for your mortgage now needs to go to the company fixing your pipes.
Foreclosure and Lis Pendens --two often misunderstood terms! Get legal advice sooner rather than later I was recently able to assist an elderly lady who, sadly, was cheated by her own relatives. She paid the relatives her life savings over more than a decade in return for a house they owned. She moved in and made it her home. She trusted them completely. The relatives never truly conveyed title to her but fooled her with deceptive documents. They then mortgaged the house and it went into foreclosure! She was never served in the foreclosure suit. I got involved at the very end of the foreclosure, worked out an arrangement with the lender and we are trying to recover her money. This is still a work in progress. The takeaways from this are:
CAN RESIDENTIAL MORTGAGE BORROWERS JOIN IN CLASS ACTION SUIT AGAINST BANKS? Yes, now they can.
The housing market has made some considerable strides in the years following the collapse. We have seen foreclosure rates improve, prices have stabilized in many markets and systemic changes have been made to protect buyers.