As the fallout from the foreclosure crisis continues, investors who bought mortgage-backed securities are pushing the big banks for a resolution of the 50-state probe of the lenders' foreclosure and loan modification practices. According to a recent report by...
Month: November 2010
Florida Bankruptcy Judge Paints Gloomy Picture of Economy
When the economy is a bust, business is booming. Unfortunately, the business that's booming is in the U.S. Bankruptcy Court in the Middle District of Florida, says the chief judge there. According to the Jacksonville Daily Record, Judge Paul Glenn says of the...
FTC Bans Up-Front Loan Modification and Foreclosure Rescue Fees
A new rule was put into place today by the Federal Trade Commission to protect troubled homeowners from mortgage-rescue scams. Almost since the housing bust became news, fraudulent debt settlement firms have been accused of preying on desperate homeowners, promising...
Thousands in ‘Foreclosure Limbo’ as Foreclosures Challenged
After millions of people have lost their homes to foreclosure, many analysts expected the nation to be littered with neighborhoods blighted by vacant homes. While many neighborhoods are indeed suffering the negative effects of foreclosure blight, a surprising number...
Chapter 7 and 13 Personal Bankruptcies Surge in Central Florida
New data from the U.S. Bankruptcy Courts shows a substantial increase in people in Central Florida filing for Chapter 7 and Chapter 13 personal bankruptcy. About 8 percent more individuals filed for Chapter 13 in the Middle District of Florida than did last year....
Would Banks Rather Just Foreclose Than Offer Loan Modifications?
Considering the losses banks take on foreclosures and the substantial government incentives being offered for them to make loan modifications, it's not clear why banks aren't moving faster to help troubled homeowners. "It's just, they (the bank) can't, can't, can't,"...
Florida Lawyer in Chapter 7 and 11 Bankruptcy Accused – Part II
A well known Myrtle Beach attorney and real estate investor, Harry Pavilack is facing simultaneous Chapter 7 and Chapter 11 bankruptcy cases. Three banks, Wells Fargo Bank, Atlantic Bank & Trust, and First Federal Savings & Loan of Charleston, forced Pavilack...
Florida Lawyer in Chapter 7 and 11 Bankruptcy Accused – Part I
In this two-part series, we will discuss the shocking case of a Florida lawyer facing dueling Chapter 7 and Chapter 11 bankruptcies, one of them filed as an involuntary petition by his creditors. A court-appointed financial examiner has accused the attorney of...