Housing crisis: Lenders expected to sue homeowners for repayment of mortgage debt

Housing crisis: Lenders expected to sue homeowners for repayment of mortgage debt

Before Larry Thomas unloaded his Pompano Beach home last fall for a fraction of what he paid, he cut a deal that will keep him from worrying about a huge debt hanging over his head.

Thomas insisted that his lender, American Home Mortgage Servicing, agree not to come after him for the estimated $174,000 he still owed on his two mortgages. “I feel incredible relief,” the 32-year-old restaurant manager said last week.

Others may not be as fortunate.

Lenders will file a tidal wave of lawsuits against homeowners in the next few years as a way to recoup losses when home sales or foreclosure auctions don’t result in enough money to pay the mortgages in full, real estate and legal analysts say.

Fisher Island, haven of the rich, experiences dose of reality [South Florida]

Fisher Island, haven of the rich, experiences dose of reality [South Florida]

Once the priciest ZIP code of all, Fisher Island has had foreclosures and falling values. But residents see sunshine on the horizon.

Two years ago, tony, secluded Fisher Island was perched atop a lofty list: America’s most expensive postal zone.

With a median home price of $3.85 million, ZIP code 33109 grabbed the No. 1 spot on Forbes magazine’s annual ranking — and plenty of glowing media attention.

That was then. Now a handful of homes on the 216-acre island have gone into foreclosure, 23 residents are still stinging from their brush with Ponzi schemer Bernie Madoff, and the median price of a unit has slid 15 percent since the Forbes list came out.

4 Ways to Attract a Car Thief

4 Ways to Attract a Car Thief
In control by tombothetominator

Just as important as safety in your home, is safety in your car. The following is part one of a three part series on car safety.

Did you know that your actions in and around you car could be catching the attention of car thieves? It’s true! Many motorists simply don’t stop to realize that some of their actions, both behind the wheel and away from their vehicles, are attracting car thieves.

Although you aren’t a car thief, you have to begin thinking like one; otherwise, you could become the next victim of a car thief. It’s up to us to protect our safety and our family’s safety, as well as our property; therefore, it is important to understand that the things you are doing (or not doing) could be putting you at risk for being robbed.

Here is our pick of the top four things you may be doing to attract a car thief:

1. Leave your belongings in plain view in the car – Simply leaving your purse or your shopping bags on the front seat of the car may be all a car thief has to see to begin looking at your car as a possible target. Remember to remove any and all bags and personal items that could attract a car thief from the interior of your car and lock them safely in your trunk. Many women, in particular, will leave their purse in the car because they are simply going to “run into the store for a moment.” But remember: it only takes a moment for a car thief to make you a victim!

2. Leave the car unlocked or the car alarm disabled – Many car owners leave their cars unlocked and their alarms disabled because they let their guard down in familiar places. Car thieves don’t need a reason to steal your car from your local shopping mall or even the driveway of your home, so get in the habit of always locking and disabling the alarm of your vehicle to prevent a car thief from striking.

3. Leave expensive electronics in plain view – Many of us use expensive electronics on a daily basis, and many times these electronics end up in our vehicles. From cell phones and laptops to GPS systems, there are a number of things that will immediately attract a car thief. As with any other personal belongings, remove all electronic devices from your vehicle, or at the very least, lock them in the trunk of your car.

4. Leave your car running and unattended – Many times we let our guard down throughout the day because we get caught up in our daily routines. Running into the house to get your wallet and leaving your car running could become the perfect opportunity for a car thief. Leaving your car unattended and running while you head inside the gas station to pay for your gas could be the moment a car thief has been waiting for. In short, always turn off your car and remove the keys when you walk away!

The theft of our vehicle could cost us more than just stress and frustration: it can cost us in terms of car insurance. Expect to pay your car insurance deductible if your car is stolen, and expect to pay for at least part of your rental car expenses (check your policy for car rental reimbursement). In addition, a large claim like the loss of a car could end up sending your auto insurance rates through the roof, no matter what car insurance company you contact. Therefore, it is always best to do whatever is needed to prevent the theft of your vehicle.

Are unpaid dues protected in bankruptcy?

Are unpaid dues protected in bankruptcy?

Q. Is the debt of an uncollected homeowners association annual dues assessment considered a “secured debt” when filing a Proof of Claim if the owner files for bankruptcy, since it involves real estate (vacant land or land with a home)? Or is it just an unsecured debt?

Creditors of a bankrupt person who has filed for protection are generally lumped into one of two categories by the federal Bankruptcy Code: secured creditors and unsecured creditors. To understand the difference, it is important to understand the difference between a debt and a lien. A debt is a legal obligation to pay money to a creditor. A lien, on the other hand, is a property interest held by the creditor that secures the underlying debt. Thus, secured creditors hold a lien on certain property owned by the debtor (real estate, motor vehicle, equipment, etc.), while unsecured creditors do not have a lien on property owned by the debtor.

Rampant foreclosures leave condo owners stuck with fees

Rampant foreclosures leave condo owners stuck with fees

To most people, Brittany’s Place in Largo looked no different than the hundreds of other blandly attractive apartment complexes built in Florida in the 1970s and ’80s.

To four Miami men, it looked like gold.

As the condominium boom neared a frenzied peak in 2005, they hit on a plan: buy the 96-unit complex, spend a few thousand dollars per apartment on showy upgrades, then sell the units as condos at a tidy profit. It seemed like a fine idea, one that had enraptured developers all over the state.

Now, five years later, buyers like Peggy Bodine have discovered just how wrong a condo conversion can go.

Drywall maker settling with builder [Central Florida]

Drywall maker settling with builder [Central Florida]

Chinese drywall maker Knauf Plasterboard Tianjin Co. Ltd. has reached an agreement to settle with Atlanta-based national home builder Beazer Homes, according to three people familiar with the matter.

“Nothing has been finalized, but we’re hoping we’ll have something to comment on in the next couple days,” Buster said. “The chances are good that we’ll all have something to comment on then, but I can’t talk about it now.”