Recent Blog Posts

Banks Receive a $308 Billion "Gift" on Home Equity Loans

Danielle M. J. Zemola, Esq. — Mon, 27 Feb 2012 19:06:00 GMT

While struggling homeowners everywhere are scrambling to benefit from the multi-billion dollar settlement announced earlier this month, four of the powerhouse banks are enjoying an additional bonus from the settlement. The five banks that service almost half the nation's mortgages, Bank of America Corp., Wells Fargo, JPMorgan Chase, Citigroup and Ally Financial, will receive protection for billions of dollars in home-equity loans they hold.

According to Bloomberg reports early this morning, these banks will share losses they suffered on their junior liens and get credit toward the money they would be spending in the settlement. While the details of this have not been made public, an Obama official indicated that while banks will receive a credit for writing down home equity loans, they won't receive as much as they will for reducing primary mortgage balances. The hope is that more loans will be modified with this loss-sharing program by making the banks suffer losses on their junior liens on an equal basis as first-lien investors. One of the hurdles in obtaining modifications has been these big banks trying to protect their second liens. If they suffer losses on an equal basis as first-lien holders, loan modifications may more easily occur.

Critics of the program argue that the banks got away with a cheap resolution and that this will cause higher rates for primary mortgages in the way of risk premiums being added. The feeling is that first lien mortgages will become more expensive because they are no longer treated as a priority to second lien holder.

As the details of this program have not been made public, please continue to visit our blogs to read up-to-date information. The attorneys at Law Office of Tauna R. Bogle will keep you updated and can answer questions you have about the foreclosure process and current trends.

Help for Rural Homeowners

Danielle M. J. Zemola, Esq. — Fri, 24 Feb 2012 14:45:00 GMT

For those of you living in Charlotte County and the surrounding areas, there might be some assistance available if you're underwater on your mortgage. Initially announced on February 1, 2012, the United States Department of Agriculture has come up with a plan that could help tens of thousands of homeowners living in rural areas. While it is similar to President Obama's program announced earlier, the USDA program will not require Congress' approval. Tom Vilsack, Agriculture Secretary, indicated that the money has already been obligated.

Eligibility for the USDA program is based on the following criteria:

Homeowner must have either a direct loan with the USDA or a USDA guarantee on a commercial bank mortgage
Homeowners must have made their mortgage payments on time for 12 consecutive months

The new program will help homeowners refinance their homes with lower interest rates, between three and four percent, without the requirement of first obtaining an appraisal, inspection, or credit report. This will save homeowners hundreds of dollars per month and keep them out of foreclosure and an already overwhelmed housing market. It is likely that 20,000 borrowers in Florida may be eligible for the USDA program.

Vilsack will be in Orlando today to discuss the program, and we should have more details for you on how you go about applying for this program. As with any other mortgage assistance program, it is likely that the homeowner will have to be extremely proactive in seeking help. For further information on this and other foreclosure-related matters, stay tuned to the blogs posted by the Law Office of Tauna R. Bogle. We will look out for your best interests and keep you advised of any new developments and ways to help you avoid foreclosure.

Independent Foreclosure Review Update

Danielle M. J. Zemola, Esq. — Thu, 23 Feb 2012 18:04:00 GMT

For those homeowners who would like to participate in the Independent Foreclosure Review process initiated by the Federal Reserve System and the Office of the Comptroller of the Currency, they now have until July 31, 2012 to submit their requests. This will allow people an additional three months to determine whether or not they want to request a review and how to go about doing that.

In April of 2011, consent orders were entered between the above-named agencies and fourteen of the largest mortgage service lenders and two third-party vendors. The purpose was to require these servicers and vendors to be evaluated by independent groups to determine whether or not a homeowner suffered a financial loss because of faulty foreclosure proceedings. If the independent consultant determined that to be the case, they were then to determine the appropriate remedy available to the borrower.

The following is the criteria to be eligible for an Independent Foreclosure Review:

Your mortgage loan was serviced by one of the participating mortgage servicers.
Your mortgage loan was active in the foreclosure process between January 1, 2009 and December 31, 2010.
The property was your primary residence.

To see a complete list of the participating mortgage servicers, please click here: OCC: Correcting Foreclosure Practices.

While some of you may have already received a letter from your mortgage servicer regarding your potential review, it is important that you understand you will have to follow-up and request the Independent Foreclosure Review. You will not automatically be considered just because you received the informational letter from the servicer. If you have any questions or would like further guidance during your foreclosure, please call one of the experienced foreclosure defense attorneys at the Law Office of Tauna R. Bogle, P.A.

Florida Legislation to Ease the Way to Foreclose

Danielle M.J. Zemola, Esq. — Thu, 23 Feb 2012 17:41:00 GMT

Florida Legislation to Ease the Way to Foreclose

With over 1,300 foreclosure filings in Charlotte and Lee County alone in January of 2012 (according to Realtytrac) and what is sure to be an increase in the coming months, we are not strangers to the Florida housing crisis. Many distressed homeowners seek out any avenue of assistance and get their hopes up with the slightest sign of help from their lenders. What these homeowners later learn is that they don't pass the initial qualifications, the process is often lengthy and disorganized, and the lenders aren't really there to help them. We have seen this time and time again through the thousands of homeowners' stories, stories of how they were working with the lender to modify or were told the bank was not foreclosing on them, yet found themselves homeless in a matter of months.

During the past couple of years, we have learned about the shoddy practices of lenders and their attorneys in an attempt to rush through the foreclosure process on thousands of homes. We heard about robo-signing, the demise of David Stern and Ben-Ezra, and improper documentation being prepared and filed, among other major problems. There were the infamous "mass foreclosure dockets," where hundreds of cases would be put on a judge's calendar in one day in an attempt to clear the backlog of foreclose cases, all of which caused wrongful foreclosures for thousands of homeowners.

The newest attempt to clean up the foreclosure backlog in the court system is for Florida lawmakers to introduce a bill that would force lenders to complete the foreclosure process in a quicker manner and to make it easier to foreclose on abandoned properties. With the current foreclosure process taking an average of almost two years to complete, Florida lawmakers hope that the proposed bill will force the lenders to get their foreclosure judgment more quickly. Folks, didn't we learn anything from the previous attempts to rush the foreclosure process along? We learned that lenders and their attorneys were filing faulty documents, signing documents without reading or verifying them, and wrongfully foreclosing on properties where they had no standing to do so. Any time something is done in an effort to speed up a process, details get overlooked. Mistakes are made. And people suffer. While the proposed bill does contain some provisions helpful to a homeowner, for example, the time a lender has to seek a deficiency would be reduced from five years to one year, the overall effect will likely be thousands of more homes lost due to shoddy practices on behalf of the lender.

One of the most important things a homeowner facing the possibility of foreclosure, or finds himself/herself already served with a foreclosure complaint can do is to seek competent legal representation to assist him/her throughout the foreclosure process. The legal system is a scary place for someone without the proper training and experience. A homeowner is already at a major disadvantage because the bank hired an attorney's office to represent its interests in the foreclosure lawsuit. As a homeowner, you have the right to, and should, seek an attorney to protect your rights. If you find yourself having trouble making your monthly mortgage payments and want to discuss your options, please call an experienced attorney at the Law Office of Tauna R. Bogle, P.A. We will give you and your case the personal attention and defense that you deserve.

Do I Have to Have Grounds For Divorce?

Florida Family Lawyer — Wed, 20 Jul 2011 01:01:00 GMT

In years past, getting a divorce was more complicated than it is today. Although divorce is rarely an easy task, at least you no longer have to have grounds for a divorce. Men and women are allowed to go their separate ways, despite the reason for the dissolution.

This means that people can end their marriage for any reason that applies to them - they don't have to prove cruel and inhumane treatment or adultery like they did before. In fact, a divorce can be granted if just one of the spouses decides that the marriage is irretrievably broken.

In nearly every case, no reason is required for a divorce and most of them are granted as long as one person wants out. When people are dealing with a contested divorce, it is essential that they speak with an experienced family attorney who can guide them through the divorce process.

There is a lot that goes into the actual divorce proceedings, that is why it is extremely important that you hire a family lawyer to help you. For example, if children are involved - your attorney can help you develop a parenting plan which will address important issues such as child custody and child support. A divorce attorney will make sure that both your best interests and your rights are protected from the beginning to the end.

The Law Offices of Tauna R. Bogle, P.A. is a family law firm located in Punta Gorda, Florida. They understand how these family law issues can be highly volatile and sensitive in nature, and for that reason they treat your case as if it was one of their own. If you should use their firm, you will receive the highest quality of representation available to you. To learn more about how they can help you, contact a Florida family attorney from their firm today!

Welcome to Our Florida Family Law Blog

Florida Family Law Attorney — Fri, 01 Jul 2011 18:43:00 GMT

Our firm is pleased to announce the launch of our Florida Family Law blog with RSS feed here