- Criminal | Driving with a Suspended License | Tampa Attorney
- Barco Y Manejando Bajo La Influencia | Abogados en Tampa | Abogados
- Marine Boating | Tampa Attorney | Drunk Boating
- Detenciones criminales en Tampa
- Auto Accident Tampa
- Criminal Arrests Tampa
- Blick Law Firm Participates in Social Media Competition
- Marketing for your Personal Injury Firm Tampa
- Close to 100 companies accepted into Social Madness
- Florida’s Waterways and Boating Accidents
- Accidentes de Auto y lesiones
- DUI: Drunk vs. Under the Influence
Tagsabogado cristiano abogado de lesiones personales abogados abogados en tampa abogados real estate abogados tampa accident attorney accident attorneys ask a lawyer attorney for the defense attorneys in tampa bancarotta en tampa blick law firm car accident attorney carrollwood carrollwood attorney carrollwood businesses carrollwood law firm carrollwood real estate christian attorney christian law association christian law firm christian lawyer christian lawyers christian lawyers association christian lawyers directory christian lawyer tampa driving under the influence firma cristiana michael c blickensderfer military lawyer military lawyers minute with mike personal injury personal injury attorney personal injury attorneys personal injury attorney tampa personal injury lawyer real estate law tampa attorney tampa law firm tampa personal injury attorney tampa real estate attorney veterans veterans lawyer
Tag Archives: tampa abogados
Today’s topic: Sinkhole damages. If you feel that your property may have possible sinkhole damages and it has cost you, you may be eligible to receive compensation for those damages. It is important to seek legal representation to understand home owners insurance and their claim policies, to make sure you receive full reimbursement for damages.
The owner, Michael C. Blickensderfer has 25 years legal experience in Florida, New York and New Jersey. Blick Law Firms practice areas include criminal law, DUI/ Traffic, real estate transactions, loan modifications, short sales, foreclosure defense, bankruptcy, title insurance and real estate litigation.
We also serve clients in personal injury, including auto accidents, motorcycle accidents, slip and falls premises liability, dog bites, marine and aviation accidents and wrongful death.
For further information regarding our legal services please visit our website at www.blicklawfirm.com.
Bank of America test pilots ‘Mortgage to Lease Program’ letting those facing foreclosure rent their home
Bank of America launched a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.
About 1000 homeowners facing foreclosure in Nevada, Arizona and New York are test piloting this “Mortgage to Lease” Program offered by the bank.
Underwater homeowners who are struggling to make hefty mortgage payments are giving their homes to the bank and turning around and renting for up to three years at a lower monthly cost. If the program is successful, it may be rolled out in other states.
How to qualify for the program?
Participants must be at least 60 days behind on their mortgage, have a deficiency in the loan to value, no second mortgage, exhausted their mortgage-modification alternatives and make enough income to pay the rent. *The loan must be owned by Bank of America.
The goal of this program by Bank of America?
The goal is to see potential benefits from helping to stabilize housing prices in the surrounding community as well as, curtail neighborhood blight by keeping a portion of distressed properties off the market.
Homeowners can’t apply for the program. If you qualify, Bank of America will contact you. Fannie Mae has a similar program, though it is not widely used.
Will this program work?
Depends on the homeowner’s individual circumstance. While some might want to stay in their home, others might be better off moving.
How will the bank benefit?
Bank of America will avoid costs of foreclosure and earn money when the home is eventually sold.
Although this program is not yet available in Florida, contact a Tampa real estate attorney today to discuss your housing options. Attorney Michael Blickensderfer is experienced and able to assist you with your short sale transactions, loan modification or foreclosure defense. Call us today at 813-931-0840.
This is a question every seller asks when they consider a short sale of their home. And it is a very legitimate question.
While some lenders may forgive a deficiency balance, not all do. It is often an unsound economic decision for a lender to sue you for the deficiency balance. For one, you may not have any resources to pay them. You likely would not have defaulted on your mortgage if you could have afforded to pay it.
Some states protect their citizens with anti-deficiency laws. Rules vary from state to state. Unfortunately, Florida does not have such a law mandating the lenders to forgive a deficiency. Attorney Michael Blickensderfer will advocate for the seller in an attempt to convince their lender to waive the difference between the amount owed and the amount for which their property sold.
If you are considering a short sale of your primary residence, you want to consider contacting a Tampa real estate attorney. Michael is experienced in dealing with mortgage companies. While they are all governed by the same guidelines, they each have their own idiosyncrasies which Blick Law Firm deals with routinely on a daily basis.
Every seller in a short sale will receive a 1099-C, which is a notice to the IRS that the financial institution has forgiven or canceled a debt of $600 or more. Although this must be reported on your tax return as income, the Mortgage Forgiveness Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their principal residence. This act is in place through December 31, 2012. The forgiveness is restricted to mortgage debt that you incurred to purchase your home. If you took out cash from the equity in your home in a refinance, as many Americans did during the real estate boom period, you are not covered by the Mortgage Forgiveness Act. Even if you cannot use the protections of the federal act, you may still be able to avoid declaring the dollars listed on the 1099-C.
Call Blick Law Firm today to see if you meet the IRS rules regarding your assets and liabilities and can use the IRS Form 982 to avoid declaring the 1099-C as income.
If the financial institution issues a 1099-C to you, it will probably not pursue you for the deficiency balance because it has deducted the loss on the loan from its taxes. However, there is no guarantee the financial institution will not pursue you for the deficiency balance and then later amend its tax returns.
If you end up with a deficiency balance, consider negotiating with your lender in an attempt to reach an out-of-court settlement on the debt. If necessary, enroll the debt in a debt negotiation program. Another option is to negotiate the debt yourself. Consider offering the creditor 10 cents on the dollar for a lump-sum settlement.
Blick Law Firm can assist you, should this negotiation be necessary. Call today 813-931-0840.