May 27, 2011

Banks seriously discussing Options in pending Foreclosure Deal

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In a very closely watched match, several U.S. Banks are seeking to broker a deal with state attorneys general, in an effort to avoid billions in court claims over faulty foreclosure seizures.

The banks in talks include, Bank of America Corp. (BAC), Wells Fargo & Co. (WFC), JPMorgan Chase & Co. (JPM), Citigroup Inc. (C) and Ally Financial Inc.

The proposed deal on the table includes options such as paying penalties, pledging relief to home buyers, which can include reducing loan principal, cutting fees or paying moving costs.

Settling the documentation lapse during home seizures is at the forefront for state and federal officials. The attorneys general told the banks earlier this week that they face an estimated $17 billion in civil case court claims. The banks had initially offered to settle the improper foreclosure claims for $5 billion.

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Posted by LaBovick Law |

Posted In: Foreclosure Defense

Tags: borrower relief" "Florida Foreclosure Defense Lawyer" "banks foreclosure deal" "Florida Foreclosure Defense Law Firm

May 13, 2011

WR Grace Files Chapter 11, Royal Family Protests

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Rarely does a common business bankruptcy have all the mystery and international intrigue of a thriller spy novel, but one that was recently highlighted in the Wall Street Journal comes close. W. R. Grace and Company has a long and fascinating history.

William Russell Grace left Ireland during the potato famine to work harvesting guano in Peru. These bird and bat droppings were turned into fertilizer and gunpowder. His brothers began entrepreneurial ventures in America and London, but by the end of the 1800s, the brothers consolidated most of their holdings and the business passed on to their heirs.

In 1954, W. R. Grace Co. bought a chemical company. Within a decade, it was acquiring major shares of Miller Brewing, only to resell them to Phillip Morris three years later at a whopping profit. In 1987, it became the first foreign company to do business in the People's Republic of China when it opened a canning factory in Shanghai.

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Posted by LaBovick Law |

Posted In: Bankruptcy

Tags: Business Bankruptcy , Chapter 11 bankruptcy" "Florida Bankruptcy Lawyer

May 10, 2011

Foreclosure Mill Law Firm Ben Ezra & Katz closes foreclosure business

How the mighty have fallen. One of the few remaining Foreclosure Mill law firms, Ben-Ezra & Katz, announced the layoff of nearly 150 foreclosure staff members. This was their second major staff cut this year, in February they cut over 200 employees after losing their gravy train Fannie Mae business.

In it's heydays, the foreclosure mill law firm, had nearly 600 staff members processing about 18,000 foreclosures. Please understand that we are not celebrating in their loss, but it seems to be poetic justice for the homeowners that lost their home to foreclosure due to this firm and others such as the David Stern firm. Allegedly, they are accused of fraudulently handling foreclosure files and falsifying documents. If this turns out to be true, how could they possibly think that their misdeeds would not be uncovered?

Cutting staff seems to be the least of their worries. The firm is being investigated by the Florida Attorney General and is embattled in litigation with several banks for the mishandling of several foreclosure cases. They are not getting a free ride in court and are being held accountable for their actions in foreclosure cases.

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Posted by LaBovick Law |

Posted In: Foreclosure Defense , Mortgage Modification

Tags: mortgage modification" "Florida foreclosure defense" "west palm beach mortgage modification

May 6, 2011

Five Personal Bankruptcy Myths Explored

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Bankruptcy can be pretty scary, given today's unsettling economic times. However, if you are considering bankruptcy or have gone through one, you are not alone. In January 2011, The 2010 numbers showed that appx. 1.53 million people went through a personal bankruptcy. That was a 9% increase over 2009 numbers. The National Bankruptcy Research Center provided 2011 bankruptcy numbers through April, reported that 476,000 personal bankruptcies have been filed in 2011. If the economy improves we could see a trend of lower bankruptcies for 2011, but time will tell.

There are several myths about bankruptcies that are misconceptions. I came across a great article on Investopedia covering bankruptcy myths. West Palm Beach Bankruptcy Lawyer, Audra Simovitch, agreed that she hears these and more daily when working with bankruptcy clients in Florida and Massachusetts. She is amazed at how many people feel that they are in this alone and feel guilty about ashamed about their financial situations. "A bankruptcy is a way to get a fresh start. It is a restructuring of debts and assets and takes courage to admit that you want to improve your current situation.", said Attorney Audra Simovitch. "Hoping your debts will go away and not taking action will not make them disappear. Sometimes, lack of action, can make it worse.

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Posted by LaBovick Law | | Comments (0)

Posted In: Bankruptcy

Tags: Bankruptcy statistics 2011 , Chapter 13 bankruptcy , Chapter 7 bankruptcy , Florida bankruptcy , West Palm Beach Bankruptcy Lawyer

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