Archive for September, 2012:

Fannie Mae and Freddie Mac Figures

The Brookings Institution recently published data regarding mortgages and modifications in The Wall Street Journal on April 11, 2012. According to the story, there are roughly 48,742,000 total loans serviced. Of those, Fannie Mae and Freddie Mac account for 29,045,000, or, roughly 60%. Of the total loans, approximately 3,768,000 are seriously delinquent, or, roughly 8%. […]

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When Houses are Homes…and When They are Not

The Eleventh Circuit decision recently issued its decision in C.I.R. v. Driscoll, reversing the earlier Tax Court decision. The Eleventh Circuit decision holds that taxpayers may apply the parsonage allowance income exclusion under the I.R.C. Section 107(2) to a singular house, as opposed to multiple houses as stated in the early decision. In reaching its […]

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Sinkhole Report

According to a November, 2010 report by the Florida Office of Insurance Regulation, sinkholes have cost roughly $1.4 billion from 2006 through 2010. The counties of Hernando, Hillsborough, Pasco Pinellas and Polk are hit the hardest, combining for roughly 75% of the total claims. Thus, the need to have proper insurance in place and understanding […]

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Notice of Administration and Next Steps

So, you’ve received a Notice of Administration regarding a probate case in the mail. But what does this mean? After a will has been submitted to probate, the personal representative is required to serve the Notice of Administration on the decedent’s surviving spouse, beneficiaries, certain trustees, and persons who may be entitled to exempt property, […]

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Loan Workout Plans and the One Action Rule

This case comes from that “other” sunshine state, California. There the bank loaned money to the borrowers and took a deed of trust on real property as collateral. After a default, the bank subsequently initiated nonjudicial foreclosure proceedings. While these proceedings were pending, the borrowers and the bank negotiated a modification to the existing obligations. […]

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Helping Responsible Homeowners Act

Senator Barbara Boxer of California has introduced the Helping Responsible Homeowners Act (“HRHA”) in the U.S. Senate. The HRHA would essentially order the government backed entities Fannie Mae and Freddie Mac to waive fees and remove other barriers for mortgage borrowers from refinancing their mortgages to a lower rate. The HRHA, however, is geared at […]

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Foreign Judgements

If you obtain a judgment in any state other than Florida or in federal court, that judgment can entitle you to certain rights in Florida, provided the proper steps are followed. First, a certified copy of the foreign judgment shall be filed with the Clerk of Court and eventually recorded. Second, accompanying the foreign judgment […]

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Limited Liability Operating Agreements

All members of a limited liability company (“LLC”) may enter into an operating agreement, which need not be in writing. The operating agreement may serve to regulate the affairs of the LLC, establish duties in addition to statutory ones, and govern relations between the parties. This operating agreement may be entered into before, after, or […]

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Bankruptcy Abstention

One recurring issue in bankruptcy proceedings is who has jurisdiction between a bankruptcy court and a state court. There are intricate rules as to core and non-core proceedings, which influence the decision. But, to complicate matters even further, the Bankruptcy Code provides for circumstances when a bankruptcy court must abstain from exercising its jurisdiction, and […]

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