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Bankruptcy is supposed to provide a fresh start.  A reprieve from debt collector letters, calls, statements, threatening legal correspondence etc.  A do over.

Many mortgage servicers have believed they were exempt from this – after all they are merely servicing and protecting a mortgage lien they argue.  They’ve argued that federal laws require they send you all this stuff.  And call you multiple times in one day, every day.  This is not true.  Due to recent federal and state court rulings in Florida, mortgage servicers must stop mailing and calling you when you’ve told them not to, or filed bankruptcy and given up the home.  One local federal case brought in the Tampa Division, Florida, Elissa Diane LaPointe v. Bank of America, N.A., Case No.: 8:15-cv-1402-T-26EAJ (August 26, 2015) even ruled that the disclaimers often found in the small print in footnotes would not be enough to insulate mortgage servicers from liability.  The Court particularly noted the inconspicuous tiny print disclaimers are contradicted by the much more obvious demands for payment or statements of a past due amount.  The Court ruled that the consumer stated a claim under the FCCPA in three respects:  1) the bank’s communications could reasonably be expected to harass the consumer; 2) that they were an attempt to collect a debt that was no longer owed due to the bankruptcy; and 3) the consumers were contacted when they were represented by an attorney.

We’d like to pursue these contacts for what they are:  debt collection violations.  If you’ve ever told a mortgage company to stop calling you, we’d like to know about it.  If you are continuing to receive all kinds of correspondence or statements from mortgage companies after you’ve given up a home in bankruptcy, we’d like to know about it (particularly when those notices contain requests or demands for payment).  Most likely, their continued calls and the sending of statements are unlawful and you are entitled to statutory damages.  We have no fees or costs unless there is a recovery.   Contact Arkovich Law for further information.

With the Education Department’s new regulation last month on its Revised Pay As You Earn Plan, or REPAYE, all Direct Loan borrowers can access an income-based repayment plan that caps payments at 10 percent of their income, according to Undersecretary Ted Mitchell.

“This is a quilt – that had one piece missing – made up of the various income driven repayment plans,” Mitchell said. “We’ve now stitched that last piece of the quilt in and the quilt now covers all Direct Loan borrowers.”

Five million additional borrowers, including those who weren’t previously eligible because their debts were older, can now enroll starting in December.

  The year-end spending bill agreed to by House and Senate leaders last night includes a provision that restores tax forgiveness for principal reduction or short sales on mortgages.  The provision is retroactive to the beginning of 2015 and runs through 2016.  Assuming it is signed by President Obama our clients are in the clear once again for this year and for all of 2016!  YAY!

Do you want to buy a house now but your finances aren’t quite there yet?  Underwriting requirements are some of the strictest we’ve ever seen even for those with good credit.  Don’t give up!  We have put together information on a variety of private lenders who will finance a home with scores as little as 600 or 620 and in as little as one day after foreclosure, short sale, deed in lieu and even bankruptcy!

Many of our clients who are past their financial problems of the past few years (short sale, deed in lieu, foreclosure, bankruptcy, debt settlement etc.) are now wanting to get into a house, particularly while prices are rising and interest rates are expected to start going up in late 2015 and almost certainly 2016.  Also tenant demand is very strong and it’s hard to find the right place to rent.  Rents are often higher than a new mortgage payment would be for an affordable house bought at today’s prices.

We have many ways we can help such as: