School isn’t the only thing that’s out for the Summer. As it turns out, loan and mortgage servicers are getting “schooled” by HUD this Summer.
It turns out coincidentally that Hakuna Matata, from Disney’s Lion King, and res judicata actually mean the same thing. Hakuna Matata is a Swahili phrase which when literally translated roughly means “no worries for the rest of your days.” Res judicata is a legal term meaning “a matter judged”; it is the principle that a legal matter may not, generally, be re-litigated once it has been judged on the merits. You may be wondering, “How does res judicata mean no worries for the rest of my days?” The answer is simple; res judicata is getting you out of lender jail when it comes to the mortgage and housing arenas. Thanks to res judicata you will no longer be responsible for past-due mortgage payments that were incurred before the dismissal of an original foreclosure suit. Continue reading
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In an exclusive interview, Roy Oppenheim, real estate defense attorney explains the complicated issues surrounding the 5-year-statute-of-limitations in foreclosure cases; for many, a housing dilemma that has become the focus of the entire country.
More than five years after Florida courts were inundated with foreclosure cases, some of those sued have found a way to stay in their homes without paying their mortgages, thanks to a law called the statute of limitations.
Some Florida courts have ruled lenders cannot bring foreclosures if certain criteria are met: the lender must have already filed for foreclosure, demanded payment of all the money borrowed, and lost its foreclosure case. Then, if it failed to file another action within five years of the first lawsuit, the lender can no longer foreclose and evict the residents, some courts have ruled. Continue reading