One man has filed a suit against a Chase Bank after it allegedly failed to apply his payments and send him proper notification about his car loan. He is suing the financial institution over the repossession of his vehicle, asserting that a bankruptcy case should have kept that from happening. While this case is pending in another state, similar cases are taken to court in Florida each year.
The two main types of bankruptcy for homeowners are Chapter 7 and Chapter 13. Of course, both have a different outcome for the homeowner. With Chapter 7, homeowners often ask the courts to discharge their mortgage debt altogether, while with Chapter 13, debt is reorganized and the home is usually kept. In either form of bankruptcy, however, abandoning a Florida home may not be a good idea, whether foreclosure has occurred or not.
For those who have fallen behind on their house payments, losing their home may seem inevitable. Even at the last minute, however, there are steps that can be taken in order to stop foreclosure. Although laws vary from state to state, Florida has a few options that a homeowner could execute to keep his or her home off of the auction block.
One man was arrested this month and ordered to be detained on claims that he ran a scheme that targeted those who were trying to avoid losing their homes. The foreclosure avoidance scheme is reported to have earned the man $7 million from homeowners who were already in grave financial shape. He is being held pending federal charges. Homeowners living in Florida who are in danger of losing their homes to foreclosure should take care to avoid schemes like this one.
After the scandal that rocked Wells Fargo last year, one might think that the company's officials would be careful to make sure that all of their activities were legitimate. With that said, it seems a bit unbelievable that they are now being accused of making changes that were unauthorized to the home loans of customers that are in bankruptcy and trying to stop a foreclosure. Before allowing any changes to their mortgages, Florida customers may want to seek the advice of an attorney or at least read the fine print.
Fay Servicing has been fined over a million dollars for what the Consumer Financial Protection Bureau calls illegal foreclosure practices. During the investigation, it was discovered that the servicing agency was not upfront with its clients about the choices that they had to prevent foreclosure. Fay was found to have been moving forward with foreclosures against borrowers who were looking for help in saving their homes. Servicing agencies such as Fay work with clients in Florida and all over the country.
To many people, receiving a notice of default on their home means that they have very little if any hope of saving it. Truth is, even if a homeowner is over three months behind on their payments, there are still a few things they can do in order to stop foreclosure. In Florida, many people suffer through the repossession of their home each year. But there are ways to keep this from happening.
According to state prosecutors, a man will spend nine years in jail for scamming homeowners and evading his taxes. The man preyed upon those who were desperate to save their family's home from foreclosure. He was sentenced to 108 months in prison, plus another three years of release under supervision. While such scams are a problem in Florida, residents can be aware of what to look for.
In today's world, it is unfortunately common to hear about new scams being perpetrated. Many of these schemes are designed to take money, information or even an identity from the victim. One such swindle could dupe Florida residents, as well as residents in other states, right into homelessness. A recent foreclosure scam is leaving its victims with nothing.
Two parents and a teenager, who was diagnosed with cerebral palsy at the age of 6 months, could face losing the home the girl has lived in for most of her life. The Florida family is facing foreclosure because of a high-interest, short-term mortgage with a balloon payment that seems impossible for almost any family to pay. According to the family, such a loan should never have been approved for them in the first place.