Prior to the establishment of the United States, people in England who did not pay their debts were sent to debtor's prison. Today, in the United States, there is no debtor’s prison and creditors can only enforce judgments if they can locate the assets of the judgement debtor, and have them sold to liquidate the debt or by garnishing their wages. If a debtor truly has no job or assets, he is said to be “judgement proof” because a judgment creditor has nothing to sell or garnish. Many debtors, however, merely pretend to be judgement proof! They really do have assets, but attempt to hide them.
On December 3, 2015, the United States Court of Appeals, 11th Circuit, decided the case of Kevin Prescott v. Seterus, Inc., 635 Fed. Appx. 640, 2015 U.S. App. LEXIS 20934 (11th Cir. Fla. 2015) and held that the inclusion of estimates or anticipated costs that have not yet been incurred, in a payoff or reinstatement letter, is a violation of the FDCPA.
Many loan servicers are under the misimpression that the prohibition against dual tracking only applies to loan modifications. This is incorrect; it also applies to forbearance agreements, deeds in lieu of foreclosures and short sales.
In order to transfer ownership of a mortgage, the Promissory Note must be physically delivered - but sometimes, Notes get lost.
Prior to the “modern era” where mortgages were “securitized,” the original Note and Mortgage typically remained in the possession of the “local bank” that originated the loan, and the bank collected and retained the loan payments.
Adverse possession is a long-standing doctrine which can be used to acquire title or other property rights to a parcel of land regardless of record title to the premises.
Lawyers and realtors each have specific roles to play in the sale of any house, and each brings a particular set of skills and expertise to the table. When they work together as a team, their client gets the best of both worlds.
One of the most important terms of a real estate contract is the “closing date.” This is the date that the purchaser remits the balance of funds due and the seller delivers the deed and gives possession of the property to the purchaser.