Eric CruzUnfortunately for many homeowners in Florida who own property with mortgage balances larger than the property’s value, the Mortgage Forgiveness Debt Relief Act (the “Act”) expired on December 31, 2013. The Act once created an exemption from taxation for discharge of indebtedness income when it related to the sale of a qualified principal residence.
…
Homestead is found in 3 different contexts under the Florida Constitution: (i) taxation in Article VII, Section 6; (ii) creditor protection in Article X, Section 4(a) and (b); and (iii) devise and descent in Article X, Section 4(c). This post follows my post on taxation and my post on creditor protection,
…
Eric CruzWhen purchasing a home together with a spouse, business partner, friend, or other family member, a common decision that must be made at the time of purchase is which individuals or entities will hold legal title to the property. Generally, the person or persons borrowing the funds to purchase the property ends up with legal title to the property.
…
Eric CruzThe government program Making Home Affordable, which has assisted over one million U.S. homeowners, was originally scheduled to lapse at the end of 2013. However, the U.S. Treasury announced on May 30 that it is extending the program for two more years. Accordingly, the program is now scheduled to continue until at least December 31,
…
Eric CruzIf you recently received a letter and check from Rust Consulting, Inc., purporting to be either a payment under a recent foreclosure settlement agreement or asking for additional contact information so they can make such a payment to you, DO NOT ignore or destroy it. This may well be a legitimate payment under a recent Federal foreclosure settlement agreement.
…
What are the common types of deeds in Florida?
There are three primary types of deeds: quitclaim, special warranty, and general warranty. The differences are in the warranty of title offered by the grantor.
A quitclaim deed provides no warranty of title. It simply conveys whatever interest the grantor may have in the described property.
…
Eric CruzWe are often asked by prospective clients who are facing foreclosure about their short sale options. One of the most popular short sale options is the Home Affordable Foreclosure Alternatives (“HAFA”) program offered by the U.S. Departments of the Treasury & Housing and Urban Development.
One of the great advantages of the HAFA program is that a HAFA short sale completely releases you from your mortgage debt after selling the property.
…
Homestead is found in 3 different contexts under the Florida Constitution: (i) taxation in Article VII, Section 6; (ii) creditor protection in Article X, Section 4(a) and (b); and (iii) devise and descent in Article X, Section 4(c). This post follows my post on taxation and brings us to creditor protection.
…
Eric CruzAs part of the recent fiscal cliff deal, Congress extended the Mortgage Forgiveness Debt Relief Act through the end of 2013. This is great news for those who may complete a short sale, loan modification, or other mortgage workout in 2013.
As part of a short sale, loan modification,
…
Eric CruzA situation faced by many today and the reason for many recent calls to our office is when tenants renting residential property have just been served with a foreclosure complaint and summons. Many ask themselves why they are even a named defendant in a case based on a debt that does not relate to them.
…
