Foreclosure Consultant Florida

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A bill to be entitled
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An act relating to foreclosure fraud; creating s.
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501.1377, F.S.; providing legislative findings and intent
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with respect to the need to protect homeowners who enter
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into agreements designed to save their homes from
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foreclosure; providing definitions; prohibiting a
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foreclosure-rescue consultant from engaging in certain
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acts or failing to perform contracted services; requiring
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that all agreements for foreclosure-related rescue
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services and foreclosure-rescue transactions be in
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writing; specifying information that must be in the
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written agreement; requiring that certain statements in
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the written agreement be in uppercase letters and of a
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specified size; providing that the homeowner has a right
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to cancel the agreement for a specified period and the
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right may not be waived; providing that the homeowner has
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a specified period during which to cure a default under
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certain circumstances; requiring equity purchasers to
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assume or discharge certain liens; requiring that an
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equity purchaser verify the homeowner's ability to make
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payments under a repurchase agreement; providing price
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limitations for repurchase transactions; providing for a
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rebuttable presumption of certain transactions being
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unconscionable under certain circumstances; providing for
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limited application of the presumption; providing an
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exclusion; providing that a foreclosure-rescue transaction
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involving a lease option or other repurchase agreement
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creates a rebuttable presumption that the transaction is a
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loan transaction and the conveyance from the homeowner to
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the equity purchaser is a mortgage; providing limited
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application of the presumption; providing an exclusion;
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providing that a person who violates certain provisions
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commits an unfair and deceptive trade practice as defined
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in part II of ch. 501, F.S.; providing penalties;
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repealing s. 501.2078, F.S., relating to violations
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involving individual homeowners during the course of
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residential foreclosure proceedings; providing an
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effective date.
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Be It Enacted by the Legislature of the State of Florida:
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Section 1. Section 501.1377, Florida Statutes, is created
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to read:
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501.1377 Violations involving homeowners during the course
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of residential foreclosure proceedings.--
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(1) LEGISLATIVE FINDINGS AND INTENT.--The Legislature
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finds that homeowners who are in default on their mortgages, in
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foreclosure, or at risk of losing their homes due to nonpayment
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of taxes may be vulnerable to fraud, deception, and unfair
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dealings with foreclosure-rescue consultants or equity
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purchasers. The intent of this section is to provide a homeowner
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with information necessary to make an informed decision
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regarding the sale or transfer of his or her home to an equity
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purchaser. It is the further intent of this section to require
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that foreclosure-related rescue services agreements be expressed
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in writing in order to safeguard homeowners against deceit and
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financial hardship; to ensure, foster, and encourage fair
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dealing in the sale and purchase of homes in foreclosure or
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default; to prohibit representations that tend to mislead; to
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prohibit or restrict unfair contract terms; to provide a
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cooling-off period for homeowners who enter into contracts for
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services related to saving their homes from foreclosure or
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preserving their rights to possession of their homes; to afford
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homeowners a reasonable and meaningful opportunity to rescind
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sales to equity purchasers; and to preserve and protect home
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equity for the homeowners of this state.
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(2) DEFINITIONS.--As used in this section, the term:
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(a) "Equity purchaser" means any person who acquires a
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legal, equitable, or beneficial ownership interest in any
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residential real property as a result of a foreclosure-rescue
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transaction. The term does not apply to a person who acquires
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the legal, equitable, or beneficial interest in such property:
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1. By a certificate of title from a foreclosure sale
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conducted under chapter 45;
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2. At a sale of property authorized by statute;
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3. By order or judgment of any court;
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4. From a spouse, parent, grandparent, child, grandchild,
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or sibling of the person or the person's spouse; or
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5. As a deed in lieu of foreclosure, a workout agreement,
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a bankruptcy plan, or any other agreement between a foreclosing
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lender and a homeowner.
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(b) "Foreclosure-rescue consultant" means a person who
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directly or indirectly makes a solicitation, representation, or
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offer to a homeowner to provide or perform, in return for
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payment of money or other valuable consideration, foreclosure-
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related rescue services. The term does not apply to:
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1. A person excluded under s. 501.212.
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2. A person acting under the express authority or written
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approval of the United States Department of Housing and Urban
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Development or other department or agency of the United States
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or this state to provide foreclosure-related rescue services.
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3. A charitable, not-for-profit agency or organization, as
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determined by the United States Internal Revenue Service under
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s. 501(c)(3) of the Internal Revenue Code, which offers
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counseling or advice to an owner of residential real property in
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foreclosure or loan default if the agency or organization does
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not contract for foreclosure-related rescue services with a for-
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profit lender or person facilitating or engaging in foreclosure-
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rescue transactions.
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4. A person who holds or is owed an obligation secured by
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a lien on any residential real property in foreclosure if the
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person performs foreclosure-related rescue services in
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connection with this obligation or lien and the obligation or
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lien was not the result of or part of a proposed foreclosure
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reconveyance or foreclosure-rescue transaction.
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5. A financial institution as defined in s. 655.005 and
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any parent or subsidiary of the financial institution or of the
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parent or subsidiary.
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6. A licensed mortgage broker, mortgage lender, or
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correspondent mortgage lender that provides mortgage counseling
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or advice regarding residential real property in foreclosure,
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which counseling or advice is within the scope of services set
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forth in chapter 494 and is provided without payment of money or
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other consideration other than a mortgage brokerage fee as
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defined in s. 494.001.
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(c) "Foreclosure-related rescue services" means any good
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or service related to, or promising assistance in connection
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with:
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1. Stopping, avoiding, or delaying foreclosure proceedings
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concerning residential real property; or
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2. Curing or otherwise addressing a default or failure to
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timely pay with respect to a residential mortgage loan
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obligation.
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(d) "Foreclosure-rescue transaction" means a transaction:
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1. By which residential real property in foreclosure is
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conveyed to an equity purchaser and the homeowner maintains a
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legal or equitable interest in the residential real property
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conveyed, including, without limitation, a lease option
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interest, an option to acquire the property, an interest as
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beneficiary or trustee to a land trust, or other interest in the
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property conveyed; and
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2. That is designed or intended by the parties to stop,
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avoid, or delay foreclosure proceedings against a homeowner's
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residential real property.
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(e) "Homeowner" means any record title owner of
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residential real property that is the subject of foreclosure
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proceedings.
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(f) "Residential real property" means real property
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consisting of one-family to four-family dwelling units, one of
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which is occupied by the owner as his or her principal place of
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residence.
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(g) "Residential real property in foreclosure" means
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residential real property against which there is an outstanding
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notice of the pendency of foreclosure proceedings recorded
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pursuant to s. 48.23.
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(3) PROHIBITED ACTS.--In the course of offering or
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providing foreclosure-related rescue services, a foreclosure-
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rescue consultant may not:
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(a) Engage in or initiate foreclosure-related rescue
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services without first executing a written agreement with the
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homeowner for foreclosure-related rescue services; or
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(b) Solicit, charge, receive, or attempt to collect or
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secure payment, directly or indirectly, for foreclosure-related
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rescue services before completing or performing all services
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contained in the agreement for foreclosure-related rescue
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services.
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(4) FORECLOSURE-RELATED RESCUE SERVICES; WRITTEN
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AGREEMENT.--
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(a) The written agreement for foreclosure-related rescue
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services must be printed in at least 12-point uppercase type and
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signed by both parties. The agreement must include the name and
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address of the person providing foreclosure-related rescue
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services, the exact nature and specific detail of each service
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to be provided, the total amount and terms of charges to be paid
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by the homeowner for the services, and the date of the
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agreement. The date of the agreement may not be earlier than the
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date the homeowner signed the agreement. The foreclosure-rescue
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consultant must give the homeowner a copy of the agreement to
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review not less than 1 business day before the homeowner is to
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sign the agreement.
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(b) The homeowner has the right to cancel the written
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agreement without any penalty or obligation if the homeowner
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cancels the agreement within 3 business days after signing the
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written agreement. The right to cancel may not be waived by the
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homeowner or limited in any manner by the foreclosure-rescue
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consultant. If the homeowner cancels the agreement, any payments
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that have been given to the foreclosure-rescue consultant must
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be returned to the homeowner within 10 business days after
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receipt of the notice of cancellation.
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(c) An agreement for foreclosure-related rescue services
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must contain, immediately above the signature line, a statement
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in at least 12-point uppercase type that substantially complies
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with the following:
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HOMEOWNER'S RIGHT OF CANCELLATION
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YOU MAY CANCEL THIS AGREEMENT FOR FORECLOSURE-RELATED
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RESCUE SERVICES WITHOUT ANY PENALTY OR OBLIGATION WITHIN 3
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BUSINESS DAYS FOLLOWING THE DATE THIS AGREEMENT IS SIGNED BY
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YOU.
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THE FORECLOSURE-RESCUE CONSULTANT IS PROHIBITED BY LAW FROM
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ACCEPTING ANY MONEY, PROPERTY, OR OTHER FORM OF PAYMENT FROM YOU
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UNTIL ALL PROMISED SERVICES ARE COMPLETE. IF FOR ANY REASON YOU
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HAVE PAID THE CONSULTANT BEFORE CANCELLATION, YOUR PAYMENT MUST
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BE RETURNED TO YOU NO LATER THAN 10 BUSINESS DAYS AFTER THE
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CONSULTANT RECEIVES YOUR CANCELLATION NOTICE.
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TO CANCEL THIS AGREEMENT, A SIGNED AND DATED COPY OF A
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STATEMENT THAT YOU ARE CANCELLING THE AGREEMENT SHOULD BE MAILED
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(POSTMARKED) OR DELIVERED TO ________________ (NAME) AT
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_______________(ADDRESS) NO LATER THAN MIDNIGHT OF
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___________(DATE).
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IMPORTANT: IT IS RECOMMENDED THAT YOU CONTACT YOUR LENDER
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OR MORTGAGE SERVICER BEFORE SIGNING THIS AGREEMENT. YOUR LENDER
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OR MORTGAGE SERVICER MAY BE WILLING TO NEGOTIATE A PAYMENT PLAN
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OR A RESTRUCTURING WITH YOU FREE OF CHARGE.
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(d) The inclusion of the statement does not prohibit the
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foreclosure-rescue consultant from giving the homeowner more
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time in which to cancel the agreement than is set forth in the
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statement, provided all other requirements of this subsection
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are met.
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(e) The foreclosure-rescue consultant must give the
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homeowner a copy of the signed agreement within 3 hours after
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the homeowner signs the agreement.
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(5) FORECLOSURE-RESCUE TRANSACTIONS; WRITTEN AGREEMENT.--
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(a)1. A foreclosure-rescue transaction must include a
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written agreement prepared in at least 12-point uppercase type
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that is completed, signed, and dated by the homeowner and the
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equity purchaser before executing any instrument from the
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homeowner to the equity purchaser quitclaiming, assigning,
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transferring, conveying, or encumbering an interest in the
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residential real property in foreclosure. The equity purchaser
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must give the homeowner a copy of the completed agreement within
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3 hours after the homeowner signs the agreement. The agreement
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must contain the entire understanding of the parties and must
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include:
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a. The name, business address, and telephone number of the
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equity purchaser.
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b. The street address and full legal description of the
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property.
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c. Clear and conspicuous disclosure of any financial or
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legal obligations of the homeowner that will be assumed by the
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equity purchaser.
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d. The total consideration to be paid by the equity
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purchaser in connection with or incident to the acquisition of
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the property by the equity purchaser.
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e. The terms of payment or other consideration, including,
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but not limited to, any services that the equity purchaser
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represents will be performed for the homeowner before or after
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the sale.
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f. The date and time when possession of the property is to
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be transferred to the equity purchaser.
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2. A foreclosure-rescue transaction agreement must
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contain, above the signature line, a statement in at least 12-
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point uppercase type that substantially complies with the
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following:
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I UNDERSTAND THAT UNDER THIS AGREEMENT I AM SELLING MY HOME
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TO THE OTHER UNDERSIGNED PARTY.
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3. A foreclosure-rescue transaction agreement must state
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the specifications of any option or right to repurchase the
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residential real property in foreclosure, including the specific
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amounts of any escrow payments or deposit, down payment,
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purchase price, closing costs, commissions, or other fees or
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costs.
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4. A foreclosure-rescue transaction agreement must comply
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with all applicable provisions of 15 U.S.C. ss. 1600 et seq. and
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related regulations.
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(b) The homeowner may cancel the foreclosure-rescue
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transaction agreement without penalty if the homeowner notifies
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the equity purchaser of such cancellation no later than 5 p.m.
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on the 3rd business day after signing the written agreement. Any
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moneys paid by the equity purchaser to the homeowner or by the
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homeowner to the equity purchaser must be returned at
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cancellation. The right to cancel does not limit or otherwise
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affect the homeowner's right to cancel the transaction under any
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other law. The right to cancel may not be waived by the
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homeowner or limited in any way by the equity purchaser. The
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equity purchaser must give the homeowner, at the time the
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written agreement is signed, a notice of the homeowner's right
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to cancel the foreclosure-rescue transaction as set forth in
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this subsection. The notice, which must be set forth on a
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separate cover sheet to the written agreement that contains no
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other written or pictorial material, must be in at least 12-
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point uppercase type, double-spaced, and read as follows:
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NOTICE TO THE HOMEOWNER/SELLER
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PLEASE READ THIS FORM COMPLETELY AND CAREFULLY. IT CONTAINS
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VALUABLE INFORMATION REGARDING CANCELLATION RIGHTS.
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BY THIS CONTRACT, YOU ARE AGREEING TO SELL YOUR HOME. YOU
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MAY CANCEL THIS TRANSACTION AT ANY TIME BEFORE 5:00 P.M. OF THE
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THIRD BUSINESS DAY FOLLOWING RECEIPT OF THIS NOTICE.
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THIS CANCELLATION RIGHT MAY NOT BE WAIVED IN ANY MANNER BY
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YOU OR BY THE PURCHASER.
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ANY MONEY PAID DIRECTLY TO YOU BY THE PURCHASER MUST BE
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RETURNED TO THE PURCHASER AT CANCELLATION. ANY MONEY PAID BY YOU
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TO THE PURCHASER MUST BE RETURNED TO YOU AT CANCELLATION.
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TO CANCEL, SIGN THIS FORM AND RETURN IT TO THE PURCHASER BY
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5:00 P.M. ON ___________(DATE) AT ________________________
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(ADDRESS) . IT IS BEST TO MAIL IT BY CERTIFIED MAIL OR OVERNIGHT
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DELIVERY, RETURN RECEIPT REQUESTED, AND TO KEEP A PHOTOCOPY OF
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THE SIGNED FORM AND YOUR POST OFFICE RECEIPT.
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I (we) hereby cancel this transaction.
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Seller's Signature
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Printed Name of Seller
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Seller's Signature
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Printed Name of Seller
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Date
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(c) In any foreclosure-rescue transaction in which the
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homeowner is provided the right to repurchase the residential
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real property, the homeowner has a 30-day right to cure any
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default of the terms of the contract with the equity purchaser,
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and this right to cure may be exercised on up to three separate
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occasions. The homeowner's right to cure must be included in any
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written agreement required by this subsection.
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(d) In any foreclosure-rescue transaction, before or at
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the time of conveyance, the equity purchaser must fully assume
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or discharge any lien in foreclosure as well as any prior liens
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that will not be extinguished by the foreclosure.
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(e) If the homeowner has the right to repurchase the
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residential real property, the equity purchaser must verify and
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be able to demonstrate that the homeowner has or will have a
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reasonable ability to make the required payments to exercise the
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option to repurchase under the written agreement. For purposes
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of this subsection, there is a rebuttable presumption that the
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homeowner has a reasonable ability to make the payments required
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to repurchase the property if the homeowner's monthly payments
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for primary housing expenses and regular monthly principal and
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interest payments on other personal debt do not exceed 60
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percent of the homeowner's monthly gross income.
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(f) If the homeowner has the right to repurchase the
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residential real property, the price the homeowner pays may not
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be unconscionable, unfair, or commercially unreasonable. A
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rebuttable presumption, solely between the equity purchaser and
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the homeowner, arises that the foreclosure-rescue transaction
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was unconscionable if the homeowner's repurchase price is
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greater than 17 percent per annum more than the total amount
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paid by the equity purchaser to acquire, improve, maintain, and
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hold the property. Unless the repurchase agreement or a
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memorandum of the repurchase agreement is recorded in accordance
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with s. 695.01, the presumption arising under this subsection
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shall not apply against creditors or subsequent purchasers for a
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valuable consideration and without notice.
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(6) REBUTTABLE PRESUMPTION.--Any foreclosure-rescue
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transaction involving a lease option or other repurchase
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agreement creates a rebuttable presumption, solely between the
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equity purchaser and the homeowner, that the transaction is a
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loan transaction and the conveyance from the homeowner to the
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equity purchaser is a mortgage under s. 697.01. Unless the lease
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option or other repurchase agreement, or a memorandum of the
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lease option or other repurchase agreement, is recorded in
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accordance with s. 695.01, the presumption created under this
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subsection shall not apply against creditors or subsequent
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purchasers for a valuable consideration and without notice.
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(7) VIOLATIONS.--A person who violates any provision of
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this section commits an unfair and deceptive trade practice as
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defined in part II of this chapter. Violators are subject to the
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penalties and remedies provided in part II of this chapter,
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including a monetary penalty not to exceed $15,000 per
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violation.
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Section 2. Section 501.2078, Florida Statutes, is
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repealed.
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Section 3. This act shall take effect October 1, 2008.

More on FHA Partial Claims

This is the most straightforward answer to teh fha partial claim question that I have found on HUDs website about partial claims. It is a great resource on fha partial claims and you can locate your fha partial claim infor here o have HUD help you with your fha loan to avoid foreclosure. Take this fha partial claim question for example.

Answer: No. Mortgagee Letter 2003-19, Page 6, Paragraph L, "Mortgagee Incentives" states the following: "...The mortgagor may not be charged any additional costs for receiving this loss mitigation workout option, however, it is acceptable that legal costs and fees related to a canceled foreclosure action may be collected directly from the mortgagor..."

The FHA secure information is another way to help avoid foreclosure through fha. Your fha partial claim may help and bankruptcy may be another option for the mortgage loan. The loan modification and the fha short sale is another way to look at the foreclosure avoidance and you can serach these foreclosure initiatives through a non profit group. Check the florida refinance option through FHA loansa and then when florida is not the location for your florida short sale refinance there are many loan officers that can help you with a short sale outside of florida.

The FHA loan can be an FHA secure or a normal fha mortgage refinance. It is best to catch this when you are not past due with your fha mortgage loan. There is a truth in lending act that the lenders need to follow and if you need help then please seek an attorney to avoid foreclosure.

Partial claim is just one example of what is available through fha to help avoid foreclosure. This is a ridiculous house for short sales in florida and this post is strange as well. Have a nice day and avoid foreclosure through a partial claim as fast as you can. Don't forget about forbearance.

FHA PARTIAL CLAIMED

FHA Secure is a Foreclosure Avoidance Strategy

You really need to give the fhasecure program another look. It is an excellent means of saving your home from foreclosure and keeping you mortgage payment low. That is a great way to satisfy the mortgage loan that you have which may be a subprime stinkeroo of a loan. Trade in that stinkaroo and get an fha secure mortgage loan.

FHASecure mortgage lending.

FHA Secure Mortgage Lender available.

Your FHA Secure Guidleines are searchable and easy to qualify for the FHA Secure as a result.

Try FHASecure and keep your home with a fixhttp://www.brokencredit.com/?p=990ed rate from FHASecure.

There are CLTV Limits for FHA Refinancing

Depending on whom yuou ask you may get a different answer with regards to CLTV and FHA. On may say that the CLTV limit is 100% and another may say that FHA has no limit on CLTV. You can apparently get an FHA subordination agreement that will help refinance an FHA loan with no CLTV limit. Again, depends on who you ask.

CLTV limits on FHA with subordination requests.

Take your FHA subordination agreement and help the borrowers CLTV limit.

This all has to do with seconds and second mortgages aon FHA first mortgages. I'll second that mortgage. Yes you will. But first you must subordinate it.

Loan Officer Marketing Me (remix)

I'm just an average loan officer with an average life I work from nine to five, hey, I pay the mortgage price All I want is to be left alone in my average home But why do I always feel like I'm in the twilight zone I always feel like loan officers marketing me And I have no privacy I always feel like loan officers marketing me Tell mi is it just a dreamWhen I come home at night I bolt the door real tight People call me on the phone, I'm trying to avoid But can the people on tv see me or am I just paranoid When I'm in the shower I'm afraid to wash my hair Cause I might open my eyes and find someone standing there People say I'm crazy, just a little touched But maybe showers remind me of psycho too much That's why... I always feel like loan officers marketing me And I have no privacy I always feel like loan officers marketing me Who's playin' tricks on me(Instrumental) I don't know anymore Are the neighbors watching me Well is the mailman watching me And I don't feel safe anymore, oh what a mess I wonder who's watching me now (booo! ) - the irs? I always feel like loan officers marketing me And I have no privacy I always feel like loan officers marketing me Tell me is it just a dream I always feel like loan officers marketing me And I have no privacy I always feel like loan officers marketing me Who's playin' tricks on me I always feel like loan officers marketing me I always feel like loan officers marketing me Tell me this can't beI always feel like loan officers marketing me I always feel like loan officers marketing me I always feel like loan officers marketing me (Fades away)

I am sick of your FLIP!

I quit my job today at FHA. I said "I am sick of this Flip!" and then someone from the mortagge broker said "Did you say FHA FLip?"

Then I woke up and said, wait a second. I should learn the FHA flipping rules first.

I can't get this fha flipping song out of my head. This flip and FHA.

CLick for the: FHA Flip song

Your FHA Bankruptcy Advice

Listen up all you who may or may not have a bankruptcy on your record. You can still get an fha mortgage loan with a previous bankruptcy. This is the only fha bankruptcy mortgage that you will find and it has to do with the fha mortgage lending guidlines. First check the FHAcompensating factors. Remember I said compensating factors regardless of the debt ratio.Then raise your credit score. Third, get a mortgage loan in florida. Then buy some real estate on a short sale.

This concludes and summarizes FHA rules on bankrupt borrowers.

Now that we have settled all of your bankruptcy information, let's take a look at what is happening with Bank of America and their loss mitigation department. This will surely help you with your short sale. This is a short sale bankruptcy.

If you find this information humorous and you would like to get a Florida Mortgage then perhaps you might look at real estate in florida too.

Exceeding Debt Ratio on FHA mortgage loan

There are compensating factors for exceeding the fha debt ratio. You should take a look at the fha debt ratio and the compensating factors involved. This is a full documentation loan that will allow you to have an fha refinance with a higher debt to income ratio as a compensating factor. You may also do an fha purchase with a higher debt ration with these compansating factors.

The fha companesating factor that is most important is the housing expense and the accompanying debt ratio with the fha loan.

More info on FHA COMPENSATING FACTORS