Posts Tagged ‘Foreclosure Rescue Plan’

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Fannie Mae Announces Deed for Lease Program: A New Weapon in Our Foreclosure Defense Arsenal

Thursday, November 12th, 2009

As we are always trying to build our arsenal in terms of foreclosure defense strategies, we have constantly said time is on your side and that the cavalry will arrive. So here we have a new government program that may be of interest to all of us by allowing homeowners to stay in their property as a tenant as opposed to a debtor.

Fannie Mae is introducing the Deed-for-Lease Program (D4L), a program designed to minimize family displacement, deterioration of neighborhoods caused by vandalism and theft to vacant homes, and the effect these have on families, communities and home price stabilization.

Here are some of the details regarding the Deed for Lease Program:

  • Must be a Fannie Mae loan.
  • Cannot be eligible for a loan modification.
  • Rent cannot exceed 31% of the household income.
  • Provides up to a one year lease- which could possibly become a month to month lease.
  • Properties that are eligible for a DIL can possibly qualify for this program. Contingent upon successful DIL.
  • Both Primary Residences and Investment properties will qualify for the program.
  • Subleasing is prohibited under program.

Other Requirements for Deed for Lease

  • The mortgage loan is a first lien mortgage loan secured by a one- to four-unit property. All property types are eligible. Second lien mortgage loans are not eligible.

  • (more…)

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Posted in Deed in Lieu, Florida foreclosures, Foreclosure Defense | No Comments »

First Time Homebuyer Tax Credit Extended Into 2010! Plus…A New Tax Credit for Certain Existing Home Owners!

Monday, November 9th, 2009

Why say it yourself when someone has already said it! Neil Solomon, my good friend, in the mortgage industry sent me this email and I thought I would share it with all of you. It speaks for itself. But the good news is the government will actually pay YOU to buy a house! How nice is that!

First Time Homebuyer Tax Credit Extended Into 2010!
Plus…A New Tax Credit for Certain Existing Home Owners!

It’s official. President Obama has signed a bill that extends the tax credit for first-time homebuyers (FTHBs) into the first half of 2010. This program had been scheduled to expire on November 30, 2009.

In addition to extending the tax credit of up to $8,000 through June 30, 2010, the extension measure also opens up opportunities for others who are not buying a home for the first time.

So Who Gets What?
The program that has existed for FTHBs remains intact with the one exception that more people are now eligible based on an increase in the amount of income someone may now earn.

Additionally, the program now gives those who already own a residence some additional reasons to move to a new home. This incentive comes in the form of a tax credit of up to $6,500 for qualified purchasers who have owned and occupied a primary residence for a period of five consecutive years during the last eight years.

Deadlines
In order to qualify for the credit, all contracts need to be in effect no later than April 30, 2010 and close no later than June 30, 2010.
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Posted in Florida Law News, Real Estate Closings | 2 Comments »

The Florida Supreme Court Task Force on Residential Mortgage Foreclosure Cases speaks out: Chastises Banks and Banks’ Attorneys.

Monday, August 17th, 2009

Today, the Florida Supreme Court Task Force on Residential Foreclosure Cases issued their final report. While the report is over 50 pages in length, they are making a number of very important recommendations that should help Florida homeowners.

Specifically, they are requiring mandatory mediation for all homestead property in every county in the State of Florida. Right now, only a few counties including Miami Dade and Palm Beach County have mandatory medication. The report states that in those counties where there has been mandatory mediation, approximately 75 percent of all cases are settled in mediation. Further, the Task Force is recommending that there be pre-suit mediation in order to reduce the clogging of the court system. The Task Force is also requiring that the banks– not the borrowers— pay for the mandatory mediation.

The Report also mentioned that mortgage modifications are becoming more effective. In fact, they mention that in those loans that have recently been modified, there has been a drop in the re-default rate by 31 percent. Further, they indicated that loan modifications overall increased 55 percent from the fourth quarter of 2008 to the first quarter of 2009 and increased 173 percent over the past year.

The Task Force also took great issue with a number of tactics that have been used by the banks’ attorneys. Specifically, in relevant part, the Task Force stated: “A leading plaintiff’s lawyer and a major plaintiff’s law firm have been the subject of a public reprimand and sanctions due to untruthful filings with the courts. Judges continue to see affidavits of amounts due and owing signed by law firm employees, and cost affidavits charging very high service of process fees for process serving firms owned by the law firm principals. To some extent, it is fair to be concerned whether the press of the caseload is interfering with a judge’s ability to police the conduct of the firms before them in these usually uncontested, unopposed foreclosure cases.”
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Posted in Florida foreclosures, Florida Law News | 7 Comments »

President Obama Speaks about the Economic Crisis as Lost Promissory Note Defense to Foreclosure Tops Google Searches

Wednesday, February 25th, 2009

The President made it abundantly clear last night that one of the bailout’s fundamental purposes is to help troubled homeowners who need to refinance their homes, thereby preventing foreclosure. Yet one of the most popular Google searches yesterday concerned one’s ability to delay or stave off a foreclosure by demanding the foreclosing bank produce the original Note.

In fact the other day in the same chamber where the President spoke, Congresswoman Marcy Kaptur from Ohio begged residents throughout the US to not just walk away from their foreclosed homes, but to fight and hire a “good lawyer” that can go up against the Wall Street attorneys! The video is circulating the internet like wildfire and the related search terms have hit the top of the Google Chart. See the video for yourself.

I was flawed to see a Congresswoman advocating our hypothesis or thesis on the floor of the United States Congress! Nothing feels better than a little positive reinforcement. The issue of lost notes and lost mortgages is a fundamental constitutional issue concerning due process and jurisdiction.


So as President Obama tries to tackle energy independence, education and healthcare… all at once, the public is trying to figure out how to keep their families from losing their homes to foreclosure since the President has little to offer those folks in the stimulus package for now. So… it is for the time being up to the lawyers to fight this battle. As the President noted, as Americans, we are up to the challenge.

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Posted in Entrepreneurial News, Florida Law News | 1 Comment »

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