Sweeping new measures to help financially struggling Hawaii homeowners avoid foreclosure became law last week.Some observers are hailing the bill signed Thursday by Gov. Neil Abercrombie as one of the strongest in the nation and possibly a model for other states.The bill, Senate Bill 651, is being touted as one of the highlights of the …
Category Archives: Legal
Ask a real estate pro: What happens if I walk away from a reverse mortgage?
Need some advice on dealing with a homeowner’s association? Is a short sale your best option for unloading your home? Lawyer and real estate consultant Gary M. Singer will answer your housing questions in this space each Friday. To ask Gary a question, click here. Q: We took out a reverse mortgage three years ago. …
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The Bull in BofA’s Mortgage Portfolio
No one would accuse the executive given the task of salvaging Bank of America Corp.’s troubled mortgages of being a smooth operator. During his first public appearance after being named to the job in February, Terry Laughlin mispronounced the name of one executive and was blamed for not giving a customary introduction to one of …
Tracking mortgage’s owner can be ordeal
Alan Fagan finally figured out who owns his mortgage. He had lost his job, was running up credit cards paying bills, and faced foreclosure. Citimortgage, a division of America’s third-largest bank, services the loan and told him repeatedly it could not modify the terms or offer him a revised repayment plan. Why? The investors who …
Mayo column: If there’s no Citizens Insurance for Floridians, then what?
What happens if there’s no Citizens Property Insurance, the state-run insurer of last resort that has become the insurer of only resort for many South Floridians? “If you get rid of Citizens, then everyone has to go to the private market,” said Erick Collazo, of Boca Raton. “And if the private market won’t write policies …
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High rise, high stakes
Special report: High rise, high stakes. They’ve lost $8.65 million of their own money, but the developers of Greenbridge say they have five investors willing to help save the $56 million condominium towers from foreclosure. Three people have offered to assume the project’s loan debt and two others are willing to put up between $2 …