Take, for instance, last year’s second- biggest foreclosure. There were no headlines when General Electric Credit Corp. took title to Serenoa Golf Club over a $4.3 million debt. While other courses have had financial difficulties and some, like those at Forest Lakes, have been well publicized, Serenoa is the only golf course in Sarasota County …
Category Archives: General
Ferreting out mortgage fraud
Attorney General Pam Bondi wisely intends to continue the work started by her predecessor to investigate foreclosure malpractice in Florida. Banks, loan servicers and their law firms like to complain that the reason for all the faulty paperwork in foreclosure cases is due to the high volume of cases. In fact, corners often were purposely …
Developers battle in court over control of Palm Beach Mall property
The battle for control of the Palm Beach Mall has spilled into the courthouse. Ever since Simon Property Group let the aging center slip into foreclosure, big-money interests have vied to take control of the 90-acre property along Palm Beach Lakes Boulevard in West Palm Beach. Doing so has been tricky because the mall property …
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Condo owners facing another hurdle with new FHA rules
Selling a condominium in this troubled market hardly needed to get any more difficult. But that’s exactly what could happen to scores of Tampa Bay area condo owners looking to sell or refinance with Federal Housing Administration mortgages. The FHA — which insures mortgage loans, among other things — has new eligibility rules that condo …
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Banks lose pivotal Massachusetts foreclosure case
U.S. Bancorp and Wells Fargo & Co. lost a foreclosure case in Massachusetts’ highest court Friday that will guide lower courts in that state and may influence others in the clash between bank practices and state real-estate law. The ruling drove down bank stocks. The state Supreme Judicial Court upheld a judge’s decision saying two …
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Mortgage mess: Worried your bank may go after your other assets if you’re in foreclosure?
Worried that your bank might go after your other assets if you’re late on the mortgage or lose your home to foreclosure? It can happen in Florida, especially if a bank sells your foreclosed house and doesn’t recoup the full loan amount and if you’re a big-dollar borrower. With nearly half of all mortgages under …