Category Archives: Foreclosure News

Mortgage Settlement Relief

An article in the Sun-Sentinel by E. Scott Reckard reported on how the $25 billion dollars from the settlement with the five huge mortgage firms was spent.  Just 15% of the total had been applied to first mortgage forgiveness.   The settlement proceeds went primarily for short sales and forgiveness of second mortgages.   The short sale forgiveness, estimated at $21 billion, did nothing to help people keep their homes.  As to the release of second mortgages, these are amounts that the banks likely could never collect a dime.  It is possible that these releases could help homeowners  save their homes because they only had to maintain, if possible, their first mortgages.  I have had many clients in chapter 13 bankruptcy who have received these releases on property that we were stripping in the chapter 13 Plan anyway, so there was hardly a benefit. Meanwhile, the Florida Hardest Hit program announced a $350…
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HAMP Extended by Obama Administration

THE FOLLOWING ARTICLE IS FROM A REPORT BY REUTERS PRINTED IN THE HUFFINGTON POST.  The extension of the Hamp program will permit modifications both outside of bankruptcy and within the new chapter 13 bankruptcy mediation foreclosure program for a Fort Lauderdale bankruptcy or a Miami or Palm Beach bankruptcy.  Pros and cons for the overall program are discussed in the article. WASHINGTON, May 30 (Reuters) – The Obama administration on  Thursday said it was extending the life of its signature foreclosure-prevention program by two years to help more struggling borrowers keep their homes. The Home Affordable Modification Program, or HAMP, was to  expire at the end of this year. When it was unveiled in 2009, the administration estimated  it would help 3 million to 4 million homeowners avoid  foreclosure by reworking loan terms. So far, however, only about  1.1 million homeowners have benefited from a permanent mortgage  modification under the…
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Florida Bar Finds Probable Cause against David J Stern

The Florida Bar grievance committee found probable cause against Broward County foreclosure attorney David J. Stern.  As reported by the Daily Business Review,  Mr. Stern at one time had more than 200 attorneys to handle 70,000 cases in a year throughout Florida.  The Florida Bar’s allegations include notary fraud, failure to attend hearings,  and backdating documents. Mr. Stern is contesting the disciplinary proceedings.

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