407-245-7723

Call 24/7 - Orlando

813-536-3291

Tampa

Facebook

Twitter

Search

Short Sales in Florida & the Impact of Proposed Federal Legislation

When properties sell for less than the mortgage amount, this is called a short sale. Ten years ago, nobody was talking about short sales. This is because banks lent only eighty percent (80%) of the appraised value on property and properties values were stable or were increasing. Today, properties have decreased in value so that many are no longer worth even the 80% the banks loaned on them. To sell these properties, therefore, the owners must ask the lenders to accept a short sale. Proposed HR 6133 would require lenders to act promptly on short sale offers, and to either accept...

Continue reading

Foreclosures, Loan Modifications, Short Sales and Deeds in Lieu of Foreclosure

Foreclosures, loan modifications, short sales and deeds in lieu of foreclosure are big business today. New laws are constantly being enacted to address the recent downturn in the real estate market. For example, new federal loan programs such has HAMP (enacted pursuant to the Making Homes Affordable Act) are making more loans available to people who reside in their homes and meet certain income and expense requirements. Courts are enacting new procedures to deal with foreclosures because their numbers have increased so significantly. Also, laws have recently been passed to protect homeowners from non-lawyers who promise to secure modifications or...

Continue reading

Liquidated Damages Provisions Unenforceable: Alternatives

orlando real estate litigation attorneys dewitt law firm

Published: February, 2011 The Florida Supreme Court recently ruled that a liquidated damages provision similar to that found in the Florida Bar/Florida Association of Realtors Real Estate Contract (the “FAR/BAR Contract”) is unenforceable. The Court in Lefemine v. Baron, held that a liquidated damages clause will not be enforceable if the contract also gives the non-defaulting party the right to bring an action at law for accrual damages. The Court reasoned that providing for an option to seek accrual damages means that “the parties did not have the mutual intention to stimulate to a fixed amount as their liquidated damages in the...

Continue reading

Helping Your Business Succeed – The Legal Way

I've seen all too often that in an effort to get businesses up and running, business owners often throw form invoices, contracts and other business documents together just to have something for customers to sign to evidence the products or services bought or delivered. No one can fault business people for wanting to get on with business. After all, no can come in until the business is up and running. What often happens, however, is that once the business is up and running the business owner forgets that the original invoices and contracts were thrown together hurriedly. Until there is a...

Continue reading