Some Florida lawmakers want to make it easier for banks to foreclose on homes. Orlando attorney Sherri DeWitt discusses a bill being pushed at the state capital and the possible impact it could have on Orlando citizens facing foreclosure....
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A quiet title action is a lawsuit that is brought in circuit court to clear a party’s title to real property. The purpose of a quiet title action is to eliminate all claims to title, which might stand in the way of a title insurance company issuing a clear title insurance policy. Liens, claims by prior owners, and other matters affecting title are called "clouds" on title. The purpose of a quiet title action is to eliminate any of these "clouds" on title. Quiet title actions can be used in a number of different situations. For example, they are often used...
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In September 2011, presentations were given to both the Florida House and the Florida Senate encouraging them to pass legislation implementing nonjudicial foreclosures. Currently, between 25 and 37 states have some form of nonjudicial foreclosure. The only method of foreclosure now available in Florida, however, is a judicial foreclosure. What is the difference between a nonjudicial and a judicial foreclosure? A judicial foreclosure requires the lender to file a lawsuit and to pursue that lawsuit through the courts. This means that the foreclosure must follow the procedural rules applicable to litigation. For example, the debtor must be personally served with the foreclosure...
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In today’s economy, many older people have seen the value of their retirement funds decline substantially. Some are struggling to make ends meet, cannot afford their medication or are living on high interest credit card debt. If you are one of these people, there may be another solution. If you and your spouse are 62 years old or older and have equity in your home, you may have the option of a reverse mortgage. A reverse mortgage allows you to tap into the equity in your home to pay off your home loan. This eliminates or reduces your monthly payments and...
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Many people struggle to find out what to do when they are having trouble paying their mortgage or when they find their real property is under water. Nationwide, home prices are down 30% and since the 2006 real estate peak, 11 million homeowners are underwater. By under water, I mean they owe more on their property than what it is worth. Florida’s statistics are even more startling because Florida suffers from one of the worst rates of real estate depreciation. People who find they are struggling to make mortgage payments or who are under water often try to educate themselves about...
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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...
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