Tampa Bay Foreclosure & Short Sales » Credit Repair

Key Victory for Creditors in Florida Supreme Court

Dave — Thu, 01 Jul 2010 11:15:20 +0000

Make sure you create a Multi-Member LLC, otherwise it is just a “pass through!”

Today the Florida Supreme Court ruled in favor of the Federal Trade Commission (FTC) in the pivotal case Olmstead v Federal Trade Commission. The decision greatly favors creditors in their attempts to collect personal debts from debtors with assets held in single member Limited Liability Corporations (LLCs). LLCs are business entities created to provide tax benefits similar to that of a partnership, and liability protection similar to that of a corporation. The ruling of Olmstead threatens these benefits and protections for LLCs that have only one member (owner).

via Key Victory for Creditors in Florida Supreme Court.

Government Takes a Stronger Hold On HAMP

Dave — Thu, 01 Jul 2010 11:10:47 +0000

Since the Making Home Affordable plan has been implemented, about 300,000 homeowners have enjoyed an average reduction of $500 a month. Unfortunately, however, this has done very little to improve the housing market.

via Government Takes a Stronger Hold On HAMP.

Seven Year Penalty for Strategic Default

Dave — Thu, 01 Jul 2010 11:06:58 +0000

Strategic default is often defined as the conscious decision of a borrower to stop payments on an otherwise affordable mortgage because the property is worth less than the mortgage balance. The recent trend of strategic foreclosures has sparked concern and action on the part of Fannie Mae. In an effort to curb such default, Fannie Mae stated on Wednesday that it would lock out homeowners from receiving a new loan for a seven year period

via Seven Year Penalty for Strategic Default.

Fannie Mae and Freddie Mac Loan Modification

Dave — Thu, 21 Jan 2010 16:05:18 +0000

I just explored this great opportunity if you are having a hardship and you live in your primary residence. If your 1st mortgage is backed by Fannie Mae or Freddi Mac, the FED has approved the HAMP program that will allow you to reduce your Principle & Interest to a more reasonable payment. In some cases it can reduce your payment $300-$350 in an average mortgage payment of $1500. This will allow you to save that money and pay down other bills that you may have so you can save your credit. A quick phone call and we can determine if you qualify for this type of option. Dave 727-488-9747

Deficiency vs. Notes

Dave — Sat, 10 Oct 2009 18:51:35 +0000

One or the other? If you go into Foreclosure you will most likely receive a Deficiency Judgement agains you. You don’t want this!!! Or maybe you do, I don’t know you! You should probably speak to an attorney on this matter. Banks have a 5yr. Statute of Limitations as to whether or not they send you a deficiency with in this timeframe. We have found that 20-30% of the lenders will release the deficiency at the time of the approval due to our “personal relationships” with lenders and they will state on the credit report “Paid in full as agreed”. Taking a Promissory Note from the bank at a reduced amount at 0% for 10yrs at $200/mo. is better for your credit than taking a deficiency at any point with in the next 5 years…..But you MUST pay that Note! If you are behind on your mortgage, get professional help. Your financial future depends on it!