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May 2013 Archives

Florida investor loses Chapter 7 bid

A Miami developer has been unsuccessful in his attempts to stop foreclosure proceedings on two condominium developments through Chapter 7 filings. While a Chapter 7 bankruptcy usually stops any legal proceedings against the owner of property, in this case the judge granted a motion to allow the creditors to pursue foreclosure against the developer.

Bankruptcy did not ground investor

Although not usually thought of as a positive occurrence, bankruptcy doesn't always have to signify complete failure. Orlando residents may be interested to hear that over the past two years, an investor and a former Goldman Sachs partner rode the Wall Street roller coaster. In 1994, the now 65-year-old investor had his first taste of test when his private equity fund came to be. Between 2002 and 2004, the group became even stronger when it took over Regal Cinemas and merged with R.R. Donelly.

Comedian Sinbad files for bankruptcy for second time

Florida residents who follow celebrity news may have heard that comedian and actor David Adkins, better known by his stage name Sinbad, has reportedly filed for Chapter 13 bankruptcy. Sinbad, who has performed at comedy clubs in Florida and around the nation, is best known for his work in a string of successful movies such as "Jingle All The Way" and TV shows like "A Different World" in the 1990s. He has been featured in recent years on the reality TV program "Celebrity Apprentice" and a short-lived reality television show that documented his life after he remarried his wife and reunited under one roof with his two adult kids.

Foreclosure rates reach a six-year low

News for Florida's housing market, down in the dumps for many years during and after the Great Recession, continues to improve. Thanks to a more stable economy and an increase of loan modification applications, national foreclosure rates have reached their lowest levels in six years.

Second check issued for wrongful foreclosure

The Federal Reserve has announced that 96,000 people who received checks for wrongful foreclosure on their mortgages will also be receiving an additional check. The additional check will compensate homeowners who experienced wrongful foreclosure for an error that was made in the amount of the original checks they received. The initial checks were reportedly issued for amounts that were lower than recipients should have received. The discrepancy was caused by errors that were made by Rust Consulting, the company that distributed the payments.

Ledgemont Capital Group files for Chapter 7 bankruptcy

Florida residents who follow business news may be interested to learn that a prominent boutique investment bank has filed for bankruptcy. Ledgemont Capital Group LLC filed documents May 3 asking the court to liquidate the company's assets, estimated at between $10 million and $50 million. Although the company is based in New York, the bankruptcy was filed in the United States Bankruptcy Court in Delaware.

Home foreclosure rates dropping

Florida has an elaborate foreclosure process compared to most other states, and it currently has some of the highest rates of foreclosure. However, the good news is that the number of foreclosures nationwide has dropped to the lowest level since 2009 and has declined nearly 20 percent since a year ago. According to a spokesman for LPS Applied Analytics, most new loans are high-quality, meaning that fewer new mortgages will end in a foreclosure.

Construction company files for bankruptcy

A construction company located in a state north of Florida decided to file for Chapter 7 bankruptcy. The company stated that it had an estimated $1.2 million dollars in liabilities, reporting only $240,000 in assets so far for the year 2013. The company, John E. Bassett Inc., had debts that included those owed to trade creditors and employees. The debt also included a loan given to the company from BB&T, secured by a blanket lien. A blanket lien enables the seizure of nearly all of a company's assets and possibly the debtor's personal assets as well in the case of nonpayment. The loan was in the amount of $153,000.

Florida homeowners still defaulting despite government lifeline

A report released by the special inspector general for the Troubled Asset Relief Program called into question the effectiveness of the government's loan modification programs. One of the first programs introduced by the Obama administration was the Home Affordable Modification Program. The Treasury Department spearheaded the HAMP program, which provided $75 billion to help lenders ease the burden on overextended borrowers nationwide and stem the rate of foreclosures in hard hit markets like Florida and California.Banks participating in the HAMP program used the money to reduce monthly payments for at-risk homeowners to no more than 31 percent of their income. Despite these loan modifications, many borrowers have still found themselves in default just a few years later. Those who signed up in the final two quarters of 2009 have default rates of 46 percent and 39 percent, respectively.

ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
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