It seems as though there is something paranormal about the way bankruptcy proceedings will now deal with stale, old debt. Previously, creditors were not able to make claims in bankruptcy proceedings for stale debts that were time-barred by the Statute of Limitations. Generally, most creditors’ claims on these old debts were considered “unconscionable” and thus in violation of the […]
Written by Samantha Joseph, Daily Business Review. Kenneth Welt, senior U.S. bankruptcy trustee for the Southern District of Florida, said strong demand is gobbling up the inventory of distressed real estate sold through a pilot program designed to bypass foreclosure.
Humpty Dumpty has had his great fall, thanks to an outstanding bankruptcy judge who has all but dismantled the Mortgage Electronic Registration System (MERS) thanks to his recent ruling. Last week New York Judge Robert Grossman ruled that all of MERS’ business practices are illegal. It’s a staggering blow to the banks and their endless efforts to circumvent due process. […]
Always on the front lines of Florida foreclosure news and court rulings, Roy Oppenheim is hosting a real estate workshop this Thursday with up-to-the-minute information about mortgage modifications, foreclosure strategies, short sales, and bankruptcy. If you or anyone you know is struggling with real estate questions or may be facing foreclosure, the workshop this Thursday will offer insight to your […]
With about 6 million folks going to lose their homes to foreclosure this year, I have been repeatedly asked what kind of grade I give the Obama administration in addressing the foreclosure crisis during the first 100 days. I would say a B or B-. Let me explain. On the one hand, there has been some improvement in the overall […]
It appears that President Obama’s idea that federal bankruptcy judges will be given the authority to modify mortgages is picking up steam. Actually, judges already have such authority to modify mortgages balances, including modifying the principal balance… but only in commercial bankruptcies. Thus, while it may take a few more months, it is now a likely scenario that if you […]