AMERICANS FACE POST-FORECLOSURE HELL AS WAGES GARNISHED, ASSETS SEIZED

Posted on October 16th, 2014

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(Reuters) – Many thousands of Americans who lost their homes in the housing bust, but have since begun to rebuild their finances, are suddenly facing a new foreclosure nightmare:   debt collectors are chasing them down for the money they still owe by freezing their bank accounts, garnishing their wages and seizing their assets. By now, banks have […]

Strategic default spreads like a virus

Posted on October 5th, 2014

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Oct032014 One of the great advances which has come from the internet is the quick dissemination of useful information. In short, secrets don’t remain secret very long. Lenders don’t want borrowers to know that their friends and neighbors have stopped paying their mortgages, and their lives have improved. Lenders want borrowers to remain in the […]

Lenders in Florida Lose Right To Sue To Recover Deficiency

Posted on July 4th, 2014

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A deadline for lenders to collect balances on distressed mortgages was a “big win” for thousands of homeowners.     Florida’s Fair Foreclosure Act, which took effect July 1, 2013, gave lenders one year from the date of foreclosure to sue homeowners for deficiencies or balances owed on mortgages. The new law also limited the amount of […]

Avoiding Tax Liability in Settlement of Mortgage Debt

Posted on July 1st, 2014

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Here is a reprint of the latest post from the asset protection guru, Jon Alper: Florida Asset Protection Avoiding Tax Liability in Settlement of Mortgage Debt Posted: 30 Jun 2014 05:06 AM PDT I’ve written before that property owners who negotiate a waiver of deficiency judgment on property other than their homestead face potential income tax […]

Maryland Governor Signs Deficiency Judgment Bill

Posted on May 16th, 2014

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Gov. O’Malley signs deficiency judgment bill On the same day Gov. Martin O’Malley signed a slew of other high-profile bills into law he also approved a new law limiting the time banks can seek a deficiency judgment following a foreclosure. The bill, which narrowly made it out of a conference committee before the 2014 General Assembly session ended, […]

9.1 MILLION U.S. RESIDENTIAL PROPERTIES SERIOUSLY UNDERWATER IN FIRST QUARTER, LOWEST LEVEL IN TWO YEARS

Posted on April 26th, 2014

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17 Percent of U.S. Properties Seriously Underwater, Down From 26 Percent Year Ago  9.9 Million Properties With 50 Percent Equity or More, Up From 9.1 Million in Q4 2013  35 Percent of Residential Properties in Foreclosure Process With Positive Equity IRVINE, Calif. — April 17, 2014 — RealtyTrac® (www.realtytrac.com), the nation’s leading source for comprehensive housing data, today […]

Charged-off debts aren’t necessarily forgiven

Posted on April 10th, 2014

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Q. I have a debt that’s expected to be charged off and forgiven by my creditor. But what happens to third-party debt collectors?  Can they still pursue me if the debt still is within the statute of limitations? And what kind of taxes must I pay for that forgiven debt? A. This a question that […]

Sun Sentinel: Bank can go after other assets in Florida if you default on mortgage

Posted on April 2nd, 2014

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Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure? It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower. With nearly half of all mortgages under […]

FTC and CFPB Push Back Against Debt Buyers

Posted on March 23rd, 2014

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On March 5, the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) weighed in on a case before the Sixth Circuit Court of Appeals that could fundamentally shift the way that time-barred debt is collected. Seemingly, the government regulators want to limit the sleight-of-hand tactics debt collectors sometimes use when pursuing consumers to […]

Miami Class Action Accuses J P Morgan Chase Of Robosigning

Posted on March 19th, 2014

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A team of lawyers from around the country have filed a class action lawsuit against JPMorgan Chase & Co. and its affiliates, alleging it used robo-signed affidavits to illegally obtain default judgments against credit cardholders. The civil lawsuit filed March 11 in Miami federal court alleged violations of the Racketeer Influenced Corrupt Organizations Act and […]